Gaps remain with U.S. on trade after 'very tough' talks - Japanese Economy Minister

Japanese Economy Minister Toshimitsu Motegi said there were still gaps that needed to be filled before Tokyo and Washington could agree on a bilateral trade deal and that negotiations with his U.S. counterpart were “very tough.”

“Issues that need to be sorted out in ministerial-level talks have been narrowed down quite a bit,” Motegi told reporters after his meeting with U.S. Trade Representative Robert Lighthizer

“We agreed to speed up discussions and work on the remaining issues for an early achievement of results,” he said.

The talks aims to lay the groundwork for a possible meeting between Japanese Prime Minister Shinzo Abe and U.S. President Donald Trump, to be held on the sidelines of this weekend’s G7 summit in France.

Separate trade talks with China and Europe have made little headway and Trump is keen to clinch an early deal with Japan that would open up its politically sensitive agriculture sector, as well as curbing Japan’s U.S.-bound auto exports.

Japan, on the other hand, wants the United States to cut tariffs on imports of car parts and industrial goods - something Washington is reluctant to do.