Japan trade minister will try to win exclusions from US tariffs this week

Good morning. We begin with the Japanese commerce minister’s go to to the US. Additionally in right now’s e-newsletter:

Japan’s commerce minister is heading to Washington in a last-minute try to win tariff exemptions after President Donald Trump questioned a long-standing safety pact between the 2 nations.

Yoji Muto, minister of financial system, commerce and trade, is scheduled to fulfill his American counterpart Howard Lutnick on Monday, two days earlier than the US is ready to impose a 25 per cent tariff on all metal and aluminium imports.

The journey comes after Trump on Thursday stated whereas the US had a terrific relationship with Japan, “we now have an fascinating take care of Japan that we now have to guard them, however they don’t have to guard us”. In response, Prime Minister Shigeru Ishiba instructed parliament on Friday that the safety treaty was reciprocal.

The commerce minister is anticipated to debate exemptions from the metals tariffs, in addition to a reprieve from a potential 25 per cent levy on automotive imports, which Trump threatened in February may come as quickly as April.

As he departed Tokyo yesterday, Muto instructed reporters that he would use his first assembly with Lutnick to “construct human relations” and provide recommendations that have been “win-win for each the US and Japanese economies”, however didn’t elaborate.

Read more what US duties on Japanese cars — the countries biggest export — would mean for the Asia’s second-largest economy.

Right here’s what else I’m watching:

• Chinese language Folks’s Political Consultative Convention Nationwide Committee: The annual session for China’s prime political advisory physique concludes right now, whereas the Nationwide Folks’s Congress runs till tomorrow.

• Chinese language retaliatory tariffs on US items: Tariffs of 10 and 15 per cent will go into impact on a variety of US meals merchandise.

• EU-India commerce talks: Indian officers will collect in Brussels for negotiations on a proposed free commerce settlement with the bloc.

5 extra prime tales

1. Ukraine will attempt to persuade the US to renew intelligence and navy assist in high-stakes bilateral talks this week by convincing Donald Trump that Volodymyr Zelenskyy needs a swift finish to the struggle with Russia. Officers briefed on preparations for the negotiations in Saudi Arabia stated Kyiv was set to suggest a partial ceasefire with Russia. Here’s what we know about the upcoming talks.

2. Rich Chinese language buyers are quietly funnelling tens of thousands and thousands of {dollars} into personal firms managed by Elon Musk utilizing an association that shields their identities from public view, in response to asset managers and buyers concerned within the transactions. Read the full story.

3. A whole lot of individuals have been killed in Syria after clashes between pro-government and pro-Assad forces escalated into violence, drawing livid condemnation from the US. Lots of these focused have been Alawites, members of a minority sect to which former president Bashar al-Assad belongs. The violence has develop into the greatest threat to the country’s stability since Assad was ousted in December.

4. Beijing will impose tariffs of as much as 100 per cent on Canadian agricultural and meals merchandise in retaliation for levies on Chinese language electrical automobiles. The transfer stokes higher uncertainty over the Canadian financial system as Trump threatens to impose blanket duties on imports from its North American neighbour. Here are the products will be affected.

5. China’s client costs fell 0.7 in February, the primary decline in 13 months. The autumn was deeper than the 0.4 drop anticipated by economists in a Bloomberg ballot. The Nationwide Bureau of Statistics workplace stated the sooner than traditional lunar new 12 months vacation was the principle cause for the decline. Keep reading.

At present’s massive learn

Non-public wealth administration firms for the super-rich now handle trillions of {dollars} globally and are one of many quickest rising areas of finance. In Singapore alone the variety of single household places of work rose to 2,000 by the top of 2024 — a 43 per cent leap. They’re additionally one of many least beneath­stood — or reg­u­lated. Learn extra on the hidden dangers of family offices.

We’re additionally studying . . . 

Chart of the day

India’s Prime Minister Narendra Modi is making an attempt onerous to woo international buyers, however India’s crimson tape and erratic enforcement of taxation have made international locations like China extra enticing. After calling out India’s “tax terrorism” one firm was hit with an sudden Rs250mn ($2.9mn) tax demand, which it’s contesting.

Take a break from the information . . . 

In Melbourne, Elroy Rosenberg fell in love with high-class espresso and started a “profession” as a specialty barista in a journey that took him to Paris and New York. In FT Weekend the one-time coffee snob shares how he turned his allegiance to cheap bodega coffee.