TOKYO: Japanese Prime Minister Shigeru Ishiba on Monday signalled that increasing corn imports from the U.S. would be among options in trade negotiations with Washington.
Speaking in parliament, Ishiba repeated that Japan won’t sacrifice the domestic agriculture industry for the sake of winning U.S. tariff concessions for automobiles.
“Still, Japan can use corn not for consumption but for use as ethanol fuel. Usage as biomass would be in Japan’s national interest,” Ishiba said, adding that Japanese soil was not necessarily suited for corn production anyway.
“We hope to deepen discussion on whether to use corn for consumption or energy,” Ishiba said without elaborating.
The U.S. exported $2.8 billion worth of corn to Japan in 2024, to counter an 80% drop in exports to China.
Japan has made little headway in trade talks with the U.S. as it seeks exemptions from U.S. tariffs, including on its mainstay automobiles.
‘Chicago corn prices set to challenge decades-long streaks’
Japan’s top trade negotiator, Ryosei Akazawa, made his second visit to Washington earlier this month with working-level consultations between the two countries now under way.
On April 2, U.S. President Donald Trump imposed a 10% tariff on all countries except Canada, Mexico and China, along with higher tariff rates for many big trading partners, including Japan, which faces a 24% tariff rate starting in July unless it can negotiate a deal with the U.S.
The tariffs, including a 25% tariff on imported cars, are already weighing heavily on the Japanese economy.
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