FirstFT: Japan commerce minister will attempt 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 immediately’s e-newsletter:

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

Yoji Muto, minister of economic 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 an important relationship with Japan, “we have an interesting deal with Japan that we have to protect them, but they don’t have to protect us”. In response, Prime Minister Shigeru Ishiba advised 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 doable 25 per cent levy on automobile imports, which Trump threatened in February may come as quickly as April.

As he departed Tokyo yesterday, Muto advised reporters that he would use his first assembly with Lutnick to “build human relations” and supply solutions that have been “win-win for both the US and Japanese economies”, however didn’t elaborate.

Learn extra what US duties on Japanese automobiles — the international locations greatest export — would imply for the Asia’s second-largest economic system.

Right here’s what else I’m watching:

• Chinese language Individuals’s Political Consultative Convention Nationwide Committee: The annual session for China’s high political advisory physique concludes immediately, whereas the Nationwide Individuals’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 high tales

1. Ukraine will attempt to persuade the US to renew intelligence and army 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. Right here’s what we all know concerning the upcoming talks.

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

3. Lots of 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 change into the best menace to the nation’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 economic system as Trump threatens to impose blanket duties on imports from its North American neighbour. Listed here are the merchandise will probably be affected.

5. China’s shopper 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 standard lunar new yr vacation was the primary purpose for the decline. Maintain studying.

At present’s huge 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 workplaces rose to 2,000 by the tip of 2024 — a 43 per cent soar. They’re additionally one of many least beneath­stood — or reg­u­lated. Learn extra on the hidden risks of household workplaces.

We’re additionally studying . . . 

Chart of the day

India’s Prime Minister Narendra Modi is attempting laborious to woo international buyers, however India’s crimson tape and erratic enforcement of taxation have made international locations like China extra engaging. After calling out India’s “tax terrorism” one firm was hit with an surprising 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 “career” as a specialty barista in a journey that took him to Paris and New York. In FT Weekend the one-time espresso snob shares how he turned his allegiance to low cost bodega espresso.