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00:00Good morning.
00:13We have a question from Nikkei Sata on March 29.
00:17Let me introduce our guest for today.
00:20Professor Masahiko Hosokawa of Meisei University,
00:23who specializes in international economics and economic security.
00:26Nice to meet you.
00:29Mr. Takaki Nakanishi of Nakanishi Automobile Industry Research,
00:35who has been conducting research on automobile industry for many years.
00:38Nice to meet you.
00:40Mr. Tetsuo Kotani of Meikai University,
00:43who specializes in international relations centered on the United States.
00:46Nice to meet you.
00:49Let's take a look at today's topic.
00:53Here it is.
00:55Today's topic is about automobile tariffs,
01:00which President Trump has announced.
01:03We have talked about automobile tariffs several times on our show.
01:08Today, we will focus on automobile tariffs in detail.
01:13If it becomes a high-level tax,
01:16it will have a huge impact on the Japanese economy and employment.
01:20I would like to analyze how this will affect each manufacturer.
01:26As expected, Ferrari is listed at the bottom.
01:31Ferrari has already announced that they will raise the tax to a maximum of 10%.
01:41People who buy Ferraris don't really care about raising the tax.
01:47They are confident in their products.
01:51Ferraris are made in Italy.
01:54What will Japanese companies do with such manufacturers?
01:59Let's take a look at the special feature.
02:02We will consider the impact on Japan.
02:06What we are going to be doing is a 25% tariff on all cars that are not made in the United States.
02:12If they are made in the United States, it is absolutely not a tariff.
02:16On the 26th, President Trump signed a document
02:20saying that all cars and parts imported to the United States
02:24will be taxed an additional 25%.
02:29In the United States, 2.5% of all cars imported from Japan are taxed,
02:36but an additional 25% is added,
02:39resulting in a tax rate of 27.5%.
02:43Cars and parts are more than one-third of Japan's exports to the U.S.,
02:49which is a huge impact.
02:52The Trump administration's tax on automobiles has raised opposition from countries around the world.
03:00On the 27th, German Chancellor Scholz criticized President Trump
03:05for making a wrong decision and saying that only losers are born.
03:11French President Macron said,
03:15I don't think it's a good idea.
03:19I don't think it's a good idea.
03:22I told President Trump,
03:25but all of this is a waste of time and will create a lot of anxiety in many sectors.
03:32And Canada's Prime Minister Carney said,
03:36Yesterday, in the latest salvo in his trade war,
03:41it is evident that the United States is no longer a reliable partner.
03:47He said,
03:59How will the Japanese government respond?
04:03Prime Minister Ishiba said that all options are subject to consideration.
04:19He said that he would take the best possible response to protect domestic industry without quarreling with the Trump administration.
04:28Will the Japanese government be able to remove the tax on automobiles?
04:38Let's first take a look at whether President Trump's tax on automobiles is a deal or not.
04:46Here is a summary of the tax on automobiles announced on the 26th.
04:5025% of the total tax on automobiles will be applied.
04:54All importers will be taxed.
04:56Japan is not an exception.
04:58It will be in effect from 1 a.m. on April 3rd.
05:03In Japan, it will be 1 p.m. on the 3rd.
05:06A reduction measure will also be taken.
05:08According to the USMCA-USA-Mexico-Canada agreement,
05:12currently untaxed importers will be taxed according to the use of American products.
05:18Additional taxes will also be applied to automobiles by May 3rd.
05:2425% of additional taxes will be applied to engines, transmissions, and driving equipment.
05:31President Trump also plans to increase the amount of tax on automobiles.
05:37President Trump's remarks on tax on automobiles are as follows.
05:42If it is made in the United States, taxes will not be applied at all.
05:45If it is made in the United States, taxes will not be applied at all.
05:51The White House also said that tax on automobiles will be $1 trillion per year.
05:55It is estimated that tax on automobiles will exceed $15 trillion.
06:00Mr. Kotani, you said that the tax on automobiles will be delayed.
06:06There were various observations.
06:08In fact, the announcement was made without waiting for April.
06:11What do you think about this?
06:14The most important timing for the Trump administration is July 4th, 2026.
06:23July 4th will be the 250th anniversary of the Declaration of Independence.
06:29The Trump administration plans to celebrate this anniversary.
06:33At that time, President Trump will appeal that he is the greatest president in history.
06:40For example, he plans to implement the current Ukrainian and Middle Eastern sanctions.
06:46He plans to implement the current Ukrainian and Middle Eastern sanctions.
06:53In July next year, he will appeal that the United States has become a great country.
06:59In July next year, he will appeal that the United States has become a great country.
07:06This is the purpose of the Trump administration.
07:10This is the purpose of the Trump administration.
07:13This is the purpose of the Trump administration.
07:16This is not a deal.
07:18This is not a deal.
07:20Mr. Trump, you said that you will do it as a high-class tax.
07:23Mr. Trump, you said that you will do it as a high-class tax.
07:26By imposing the tax on automobiles,
07:28by imposing the tax on automobiles,
07:30the US automobile industry will come back to life by July next year.
07:36Mr. Hosokawa, what do you think?
07:38I take a different view.
07:40I take a different view.
07:42President Trump was asked by a reporter,
07:46whether it was a high-class tax,
07:48and he said it was a high-class tax.
07:50At this stage,
07:52That's what all the high-level government officials say.
07:56Why?
07:58Because they think that car manufacturers have to invest in the U.S.
08:04Hyundai and Toyota will continue to invest in the U.S.
08:09It's a political scenario where they hope for a midterm election with the results of that movement.
08:15In order to do that, they have to show their seriousness and say that they will continue to invest in the U.S.
08:22If they do that, it's obvious that it will affect the economy.
08:32If that happens, the midterm elections will have to restore the stock market.
08:41If they do that, I think that will lead to a situation where they have to make a deal.
08:46They don't have to make a deal.
08:48In order to make a deal, they have to show their seriousness.
08:55I think we should think about this.
08:58Mr. Kotari, what do you think?
09:01I think there are various opinions within the government.
09:05I think that President J.D. Banns is the one who believes in the industrialization of the car industry.
09:13President Trump and Vice President Banns completely trust each other.
09:20Of course, it's impossible to predict what Trump will do.
09:23I'm not saying that there will be no deal.
09:26Is there a possibility that the market will change again when it starts to shake?
09:30The market is already shaking.
09:35But in the last election, he was elected by the people.
09:39Even if the economy gets worse temporarily, the people should be able to accept it.
09:44That's what the government is saying now.
09:47President Banns' industrial policy is not about the industry.
09:53It's about the revival of the manufacturing industry.
09:56If he shows that the manufacturing industry is investing,
10:01he will be able to achieve his goal.
10:04I don't think we need to think that the industry will continue to be expensive.
10:09I'm just showing you that there are different opinions.
10:15Mr. Nakanishi, let's look at the contents again.
10:18In the end, this time, all the completed cars are all full-fledged.
10:22And 25% of the engine parts are also full-fledged.
10:27What do you think about this?
10:29To be honest, I was surprised that the tax rate of 25% was at the highest level.
10:39On the other hand, there is a reduction in the number of cars that meet the USMCA.
10:46Originally, it was 25% for Canada and Mexico.
10:50If you think about it from that point of view,
10:5250% of the US regional content is the average.
10:57So, it's reduced from 25% to 12.5%.
11:03I see.
11:04Originally, Mexico and Canada were said to be 25% for a different reason.
11:09So, if you think 25% for cars,
11:12In this case, for example, if you use parts and materials from the US
11:19and make a complete car in Mexico and Canada,
11:21it's not 25%, but it's subtracted from that.
11:24I understand that.
11:26The Nikkei Newspaper also writes like that.
11:29If that's the case, the burden of Mexico and Canada has become a little lighter.
11:35The big three, and Japanese car makers, Toyota and Honda,
11:38have a lot of production bases in Canada.
11:40That part has become a little lighter.
11:43So, I think it's hard to deny that they are heading in the direction of a slight reduction every time they become more concrete.
11:51Relatively speaking, it means that things exported from Japan, Europe, and Korea are becoming more severe.
11:59Relatively speaking, it means that the severity is increasing.
12:02Let's take a look at where they are actually exporting to the US.
12:07Here it is.
12:08In 2024, the United States sold about 16 million cars.
12:1346% of them were imported.
12:16The main imports are Mexico, which is about 2.5 million,
12:20Korea, which is about 1.4 million,
12:23Japan, which is about 1.3 million,
12:25Canada, which is about 1.1 million,
12:28and Europe, which is about 7 million.
12:31Europe, Korea, and Japan have almost all exported to different countries.
12:37In the first place, there are no major automakers in Mexico and Canada,
12:42so they export to other countries and build factories there.
12:46This is the same with the so-called Big Three in the United States.
12:49Mexico and Canada were based in Mexico, where human resources were cheap,
12:53assuming that they would not be taxed.
12:57However, it has become a situation where taxes are being imposed here as well.
13:01Mr. Nakanishi, which countries have the biggest impact?
13:07If we look at the amount of money,
13:09Mexico and Europe have the largest import volumes.
13:13If we look at the large numbers,
13:16Mexico and Canada, Korea, and Japan have about the same level of import.
13:22To be honest, there is no way to escape.
13:28It's not that only Japanese automakers will lose competitiveness.
13:36They import about 8 million units,
13:41which is about $30,000 per unit.
13:45If you multiply that by 25%, it's a lot of money.
13:50However, since 8 million units are made in the United States,
13:52there is room for absorption there as well.
13:54So, if we were to accept all of the prices per unit,
13:58it would be about $3,800.
14:00That is the current basic market price.
14:03If we accept it at a fairly large price, it will have an impact.
14:07Mr. Hosokawa, what will happen here?
14:09As Mr. Nakanishi just said,
14:11if the market price goes up,
14:14I think it's inevitable in the American market,
14:19the American market will shrink.
14:26That's what everyone is predicting.
14:28Depending on how much the market price goes up,
14:31the demand will go down and the market will shrink.
14:34I think there are a lot of places that are investing in this scale.
14:38If you look at some of the American think tanks,
14:41there is a 10% range.
14:44That's because the premise is different.
14:47But when the market size shrinks to that extent,
14:51how will it affect the stock market?
14:55I think this will be a big point for the Trump administration's midterm elections.
15:03Let's go back to what Mr. Trump said earlier.
15:07Mr. Kotani, at the bottom,
15:10there is talk of the exchange of 15 trillion yen in taxes.
15:17Is it okay to think of this as a way to produce the raw material of the current tax?
15:23Yes, that's what the Trump administration thinks.
15:26In fact, American consumers pay for the taxes.
15:30However, the impression is that it is paid by a foreign country.
15:34It is explained that the income from that will be used to produce the raw material for the current tax.
15:40The Trump administration's supporters believe that.
15:45I think this is a very important element in considering the future schedule.
15:51As I said, the current tax law will be passed in the summer.
15:57It is very important for the Trump administration to be able to say what the raw material of the current tax is.
16:05At this stage, I think it is in a position where the administration has to show that this will continue and say that it is the raw material.
16:16And I would like to see the impact it will have on Japanese economy.
16:20First of all, I would like to talk about how much cars are exported from Japan to the United States.
16:28If you include car related parts, about one-third of it is related to cars.
16:36And the impact it will have on employment.
16:40It is said that the car industry has a wide range.
16:43From car manufacturers to car parts manufacturers, about 5.58 million people are employed.
16:51Mr. Nakanishi, I understood your opinion earlier about whether this will be a high-level tax or a temporary one.
16:59But if this becomes a high-level tax, it will have a big impact on employment, right?
17:05That's right.
17:06Out of 5.58 million cars exported, about one-third of them are related to the United States.
17:12I see.
17:13To be honest, I think it will have a 10% or more impact on the tax.
17:26So, the impact it will have on employment is quite significant.
17:30So, I think it will be a scary story if it becomes a high-level tax.
17:34Speaking of regions, there are Toyota in Tokai, Mazda in Hiroshima, and luxury cars in Kyushu.
17:44What will be the impact?
17:46If you think about Japan, there is nowhere to run.
17:49You can't go to Tohoku, you can't go to Kanto, you can't go to Aichi.
17:53Of course, Yamaguchi, Chubu, China, and Kyushu.
17:58I think it will have a big impact in each region.
18:03Does that mean that even if the manufacturer doesn't take the factory directly to the United States, the number of cars will decrease?
18:13First of all, I think we need to think about short-term and long-term.
18:19To be honest, automobiles are very long-legged products.
18:24I think it's quite difficult to change the direction of production in the short-term and long-term.
18:30So, it has to be accepted in large numbers.
18:34If you think about the long-term, if it's going to be really high-end, it's necessary to bring it closer to American production.
18:41I think we can take measures like that if we go in three to four years.
18:45Then, it will become a driving force in Japan's domestic industry.
18:48In any case, it will have a significant impact on domestic economy.
18:53I'm not sure about the exact number, but I think it will have a significant impact.
19:00After the commercial break, we will dig deeper into the impact on Japanese manufacturers.
19:09We will now take a look at the impact of President Trump's car tax on Japanese manufacturers.
19:16First, let's look at the stock price.
19:19We are comparing the stock price of 25 days and 28 days before the announcement of the car tax.
19:26The stock price of Matsuda fell by 10.5% and the stock price of Nokinami fell.
19:33Mr. Nakanishi, Matsuda is the biggest and Honda is also falling.
19:40What do you think about the movement of the stock price?
19:42If you look at it from a theoretical point of view, the impact on profit will be about 30% less.
19:52In that sense, the stock market is still not able to make a decision on whether or not 25% of the car tax will be reduced.
20:03The stock price is falling, but we are still not able to decide where to settle.
20:10Some of the market participants said that it was the same as 8 years ago.
20:14So, we are still not able to make a decision on whether or not the car tax will be reduced.
20:23Mr. Nakanishi also talked about the impact on profit, so I will show you a bar graph.
20:30This is a bar graph showing the impact of the car tax on recent business profits.
20:40For example, Nissan is very prominent.
20:42Nissan's recent business profits may have been very small, but it is 300%.
20:47In this case, it means that there is a negative impact of about three times the current business profits.
20:54If it is a normal profit, it is about 5 trillion yen.
20:59If it is a normal profit, it is about 5 trillion yen.
21:02Since the share is small, it is about 1.25 trillion yen.
21:06The share at the base is the company's current business profit.
21:11On the other hand, the impact from Japan, Mexico, and Canada is the total cost.
21:18If the share is small, the impact will be greater.
21:23However, Nissan, Mazda, and Subaru have almost 100% profit.
21:32Toyota and Honda have about 27 to 28%.
21:37So, the impact is relatively minor.
21:43I think this is a simple calculation.
21:48But, how much impact will it have depending on the company's efforts?
21:52This is an estimate for when a car manufacturer receives 100% of the total cost.
21:57But, in reality, the impact will be divided into four major categories.
22:03The first is the price increase that consumers will receive.
22:09The second is the margin that dealers in the U.S. will receive.
22:15The third is the car manufacturer that produces and exports the car.
22:19The fourth is the supplier that supplies the parts.
22:23I don't know the exact proportion of the impact.
22:28But, if you divide 25 by 4,
22:32the total cost that a car manufacturer receives will not be 25.
22:40So, if the impact from Toyota and Honda is 27 to 28%,
22:47then 1 out of 3 or 1 out of 4 will be enough to be absorbed by a company.
22:55Mr. Hosokawa, what do you think?
22:58As Mr. Nakanishi said, I think the analysis of Japanese manufacturers is correct.
23:04I only look at Japanese manufacturers.
23:07But, in the same way, I look at Big 3 as well.
23:11In particular, Big 3 imports 30 to 40% of VTM from overseas.
23:15So, they say that they make almost the same profit.
23:19So, what we have to look at is the impact on the whole world.
23:26Big 3 also imports from overseas.
23:29So, the market in the U.S. is shrinking.
23:32We have to raise the price.
23:34As Mr. Nakanishi said, one of the options is to raise the price.
23:38So, the market is shrinking, as I said earlier.
23:41So, the impact on the U.S. will be the key to move the Trump administration forward.
23:51Mr. Kotani, this time, Big 3, GM, and Ford are all on the verge of bankruptcy.
23:59There are various layers.
24:01But, they are not working.
24:05How do you see this?
24:07Are you saying that Big 3 should go back to the U.S.?
24:14I think that the basic supply chain for automobiles is already in the U.S.
24:22This leads to a policy that will have a negative impact on Big 3.
24:28On the other hand, President Trump himself says that we should not raise the price for Big 3.
24:34He says that we should completely swallow it.
24:38On the other hand, he says that we should reduce the interest on automobile loans.
24:45He is taking measures to prevent the market from shrinking.
24:50Of course, we don't know what will happen in the end.
24:55But, the Trump administration is serious about automobile loans.
25:03What you just said is a benefit like a tax increase.
25:08In other words, only those who have purchased a car made in the U.S.
25:13will get a benefit like a tax increase.
25:19Consumers will be able to buy a car made in the U.S.
25:25even if the price is a little higher.
25:31He also says that we should not raise the price for automobiles made in the U.S.
25:40Does this mean that Trump is doing this with the idea that there is no negative impact on consumers?
25:47I think he is doing something very bold to change the industrial structure and the supply chain.
25:59The price is determined by the market.
26:02What will happen if these measures are taken?
26:06There will be a shortage of supply.
26:09Because we can't make everything in the U.S.
26:12and the model mix does not meet the needs of the market.
26:15Then, the situation will be similar to the supply-demand balance of automobiles during the pandemic.
26:20Although there is demand, the supply will decrease.
26:23Naturally, the price will go up.
26:25Even now, incentives are paying thousands of dollars per unit.
26:31As a result of the pandemic, incentives are decreasing.
26:34As a result, the price will go up.
26:38Even during the pandemic, the production was decreasing,
26:41but automobiles were not doing so badly.
26:44I think it is better to understand the price with this mechanism.
26:49It's not about how many percent of the total will go up.
26:54As a result, we can't make everything in the U.S.
26:57and there is a shortage of supply.
26:59During the pandemic, we had to wait for a long time and the price went up.
27:03I think the price will go up in that way.
27:06That's right.
27:07Even if we change one-third of the total to the price,
27:10the price will be determined by the rival manufacturer.
27:14The price leader decides the price.
27:16Basically, the price will be determined by the market in the supply-demand balance.
27:21As a result, the price will go up.
27:23Even now, we are using incentives worth thousands of dollars.
27:27As a result, the price will go up.
27:31The incentives you are talking about is
27:33that the manufacturer gives incentives to the seller
27:36to use a discounted price.
27:40In the end, the consumer has to sell it to the consumer.
27:44The consumer has to buy the actual price without a discounted price.
27:52In other words, the price will go up.
27:53That's right.
27:54As Mr. Nakanishi said, the shortage of supply is a big problem.
28:02There is a theory that the U.S. should produce domestically.
28:08We are trying to invest in the U.S.
28:11but looking at the real economy,
28:15immigrants are decreasing and labor costs are increasing.
28:21If the supply chain of the U.S. is not strong enough,
28:26the U.S. will not be able to produce.
28:29If you look at the whole picture,
28:32it is true that there is a limit to the amount of investment.
28:37If you look at it properly,
28:39you can see whether it is a realistic policy or not.
28:42I think it will come to fruition after a while.
28:45So now, we are moving forward with the theory alone.
28:48I think it is realistic that it will be entangled.
28:50In reality, the U.S. is moving parts and assembly factories.
28:55I think the cost will go up.
28:59There is not enough labor supply and there is no supply chain.
29:03Everyone says that if we move to the U.S., the problem will be solved,
29:06but in reality, there is no solution to the problem.
29:09We need to understand this reality.
29:11I saw that each manufacturer is making a move.
29:14Let's take a look at the reactions of each manufacturer.
29:16First, Honda, a Japanese manufacturer,
29:19has changed its plan to produce the next Civic Hybrid model in the U.S. instead of Mexico.
29:24The number of exports to the U.S. for Mazda and Mitsubishi cars in February 2025
29:29has increased from the same month last year.
29:32Both companies say that they have not missed the complete start-up by the Trump administration,
29:37but there is a possibility of increasing exports in March just before the start-up.
29:41And the Hyundai car group in Korea
29:44will invest $2.1 billion in the next four years,
29:47which is about 3.1 trillion yen in Japanese yen,
29:51to improve the ability of automobiles and invest in steel.
29:56And Ferrari.
29:58Ferrari, which is produced in Italy,
30:00announced that it will increase the price of some cars sold in the U.S. by up to 10%.
30:05The CNBC in the U.S. said that it is likely that
30:08the U.S. will increase the price of some cars sold in the U.S. by about 6.5 million yen in Japanese yen.
30:15And President Trump has said that
30:18the White House will not favor the rise of the U.S. automaker Canberra.
30:25Mr. Kotani, again,
30:27I think it's pretty rough to raise the price at this point,
30:33but what do you think?
30:35I think it's pretty rough.
30:40But from an automaker's point of view,
30:42I don't know what kind of retaliation they will take if they don't comply.
30:48Mr. Nakanishi, I think Ferrari is amazing.
30:51They raised the price so quickly.
30:53Especially with Hyundai,
30:55I think Trump is waiting for the Korean automaker to make such a big investment.
31:01But I don't know if Japanese automakers will make such a move in the future.
31:05Eight years ago, Toyota announced a large investment package.
31:10We're still waiting to see what happens.
31:13But I think there will be some action soon.
31:17Mr. Ishiba, when you met with President Trump,
31:20you talked about Isuzu, right?
31:22Yes.
31:23It's still a matter of a few hundred billion yen.
31:26It's not about that.
31:28It's a matter of a few trillion yen.
31:30But the mobility of Japanese automakers in the U.S. is already full.
31:37For Toyota and Honda, it's basically full.
31:42Nissan Automobiles has a little bit of ability left.
31:46Both factories have a little bit of ability left.
31:49But Nissan also has the potential to bring it from Japan.
31:55But other Japanese automakers really don't have the ability.
31:59Then they can't deal with it.
32:02It's difficult.
32:03The important thing is that Hyundai's big numbers look good,
32:09but Japanese automakers have made huge investments so far.
32:13If you look at it in Korea, it's far less.
32:16So it's really important to look at it from the root.
32:21But President Trump himself only looks at what he did at the time.
32:28In Korea, there was actually a desire to prevent inflation.
32:35But this administration is taking the method of negotiating after it's activated.
32:43At this stage, it's not working.
32:45But it's a matter of how it works later.
32:49They're going to launch a special edition of the Trump administration.
32:54We have to look at the negotiations from the beginning.
32:59I think it will lead to a discussion later.
33:02Now, let's think about how Japan should respond.
33:06Now, let's think about how Japan should respond.
33:10First, let's look at the reactions from countries around the world.
33:14China is imposing additional tariffs on U.S. agricultural products.
33:22And Canada's Prime Minister Carney is using all his power to fight back.
33:28And the EU has announced the first round of retaliatory tariffs,
33:31but has postponed their implementation until mid-April.
33:34And Japan, Prime Minister Ishiba,
33:36has said that Japan will negotiate steadily so that it will be excluded.
33:41The UK also does not want a drastic reduction.
33:44And India, which is originally the most cautious,
33:47is considering a reduction in imports from the United States.
33:51The more to the left, the stronger.
33:53The more to the right, the more cautious.
33:56China's response is not limited to automobiles.
34:01It's a little different.
34:03It's a little mixed up as a whole.
34:05But that's how it's organized.
34:08Mr. Hosokawa, what do you think?
34:10Yes.
34:11I think this is a little different.
34:18It looks like Japan is taking an important balance,
34:23but I think it's more to the right.
34:27You're not thinking about a return.
34:29It's the pinnacle of caution.
34:31Oh, I see.
34:32What's important is that in early March,
34:38Japan appointed the former Minister of Finance.
34:43At that time, he was the first prime minister to go to Latvia.
34:49At that time, he came back because he couldn't get anything.
34:54After that, when you look at what's going on,
34:57he's putting the competition on his shoulders.
35:02I don't think he's going to solve the problem that the prime minister couldn't solve.
35:08I think it's a matter of how Prime Minister Ishiba himself is going to get out of this.
35:14Mr. Kotani, as a whole,
35:17various places are talking about a return on investment.
35:22Is it the idea that the Trump administration is more and more like a chicken race,
35:27and that if the other party raises it, it will be more severe?
35:31Yes.
35:32Canada has already announced that policy.
35:35If Canada has a return on investment, it will raise the tax rate further.
35:40I don't think Japan should think about a return on investment.
35:47I just got a reply from a Trump administration official during a commercial break.
35:54He asked if Japan could escape from this situation.
35:59Compared to other countries, Japan has a higher possibility.
36:04But even so, the possibility is very low.
36:08If you want to do that, you have to send a tough negotiator.
36:16Mr. Hosokawa, that's what he said.
36:18That's what I heard now.
36:21That's what politicians say.
36:24That's why I told you at the beginning.
36:26You have to be able to make a profit.
36:28This is a one-on-one battle, so it's impossible.
36:32If you say it's going to work out, it's going to be a one-on-one battle.
36:35You need a tough negotiator.
36:37That's right.
36:38The problem is how to negotiate.
36:41I think the strategy is important.
36:43Mr. Hosokawa has provided us with something.
36:46Can you bring it out?
36:48I actually have three.
36:51Prime Minister Ishiba was interviewed at the National Assembly.
36:55I think he was introduced earlier.
36:58He said he was considering all options.
37:02When you say something like this, you're not considering it yet.
37:05I think he's expressing that he's not matured yet.
37:10Rather, he's making it clear what the content of the option is.
37:15I just gave you three, right?
37:17I gave you three, right?
37:19This is not one of Mr. Ishini's options.
37:23I think the key point for a tough negotiator is the combination of all options.
37:32One is that Japan has been investing in the past.
37:37There was an example of Hyundai earlier.
37:40We're going to invest.
37:42Or we're going to buy LNG and other agricultural products.
37:47We're going to buy and invest.
37:49So we're going to negotiate.
37:51This is the South.
37:53This is very important.
37:56In Japan, unlike other countries,
37:58the Sino-US trade agreement was signed in 2019.
38:03As I said when I was on the show last time,
38:07between Prime Minister Abe and President Trump,
38:11this is the bottom line.
38:16Mr. Mizunaga, please explain this.
38:19During the first term of President Trump,
38:21we signed the Sino-US trade agreement between Prime Minister Abe and me.
38:24At that time, we made a joint declaration.
38:26The Sino-U.S. and Japan signed the agreement,
38:28and while the agreement was in full effect,
38:30it was stated that we would not take any action that would violate the core principles of the agreement and co-existence.
38:35In addition, Prime Minister Abe confirmed at the Budget Committee that
38:38I would not increase the additional tariffs by more than 232.
38:44Mr. Mizunaga said that the Sino-US trade agreement is extremely heavy,
38:47and that it is not just a verbal agreement.
38:51Mr. Mizunaga, you're referring to this, right?
38:53Yes, this is very important.
38:55I think this is a Japanese property that other countries do not have.
38:59I think it's very important to bring this out properly.
39:06If the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:10and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:13and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:16and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:18and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:20and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:22and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:24and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:26and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:28and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:30and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:32and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:34and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:36and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:38and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:40and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:42and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:44and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:46and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:48and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:50and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:52and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:54and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:56and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
39:58and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:00and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:02and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:04and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:06and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:08and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:10and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:12and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:14and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:16and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:18and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:20and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:22and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:24and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:26and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:28and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:30and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:32and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:34and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:36and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:38and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:40and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:42and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:44and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:46and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:48and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:50and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:52and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:54and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:56and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
40:58and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:00and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:02and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:04and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:06and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:08and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:10and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:12and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:14and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:16and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:18and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:20and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:22and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:24and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:26and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:28and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:30and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:32and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:34and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:36and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:38and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:40and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:42and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:44and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:46and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:48and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:50and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:52and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:54and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:56and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
41:58and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:00and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:02and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:04and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:06and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:08and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:10and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:12and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:14and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:16and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:18and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:20and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:22and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:24and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:26and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:28and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:30and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:32and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:34and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:36and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:38and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:40and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:42and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:44and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:46and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:48and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:50and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:52and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:54and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:56and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
42:58and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:00and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:02and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:04and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:06and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:08and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:10and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:12and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:14and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:16and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:18and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:20and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:22and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:24and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:26and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:28and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:30and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:32and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:34and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:36and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:38and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:40and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:42and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:44and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:46and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:48and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:50and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:52and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:54and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:56and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
43:58and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:00and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:02and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:04and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:06and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:08and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:10and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:12and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:14and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:16and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:18and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:20and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:22and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:24and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:26and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:28and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:30and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:32and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:34and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:36and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:38and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:40and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:42and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:44and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:46and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:48and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:50and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:52and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:54and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:56and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
44:58and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:00and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:02and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:04and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:06and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:08and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:10and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:12and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:14and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:16and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:18and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:20and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:22and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:24and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:26and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:28and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:30and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:32and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:34and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:36and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:38and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:40and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:42and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:44and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:46and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:48and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:50and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:52and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:54and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:56and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
45:58and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
46:00and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
46:02and if the Sino-U.S. and Japan agreed on the core principles of the agreement,
46:04Nasdaq, which has a high high-tech stock ratio, also fell by three days,
46:06and Owarine was 17,322, which is 481 points cheaper.
46:08and Owarine, which has a high high-tech stock ratio, also fell by three days,
46:10and Owarine was 17,322, which is 481 points cheaper.
46:12New York's foreign exchange market,
46:14New York's foreign exchange market,
46:16and New York's foreign exchange market,
46:18and New York's foreign exchange market,
46:20and New York's foreign exchange market,
46:22and New York's foreign exchange market,
46:24and New York's foreign exchange market,
46:26and New York's foreign exchange market,
46:28and New York's foreign exchange market,
46:30and New York's foreign exchange market,
46:32and New York's foreign exchange market,
46:34and New York's foreign exchange market,
46:36and New York's foreign exchange market,
46:38and New York's foreign exchange market,
46:40and New York's foreign exchange market,
46:42and New York's foreign exchange market,
46:44and New York's foreign exchange market,
46:46and New York's foreign exchange market,
46:48and New York's foreign exchange market,
46:50and New York's foreign exchange market,
46:52and New York's foreign exchange market,
46:54and New York's foreign exchange market,
46:56and New York's foreign exchange market,
46:58and New York's foreign exchange market,
47:00and New York's foreign exchange market,
47:02and New York's foreign exchange market,
47:04and New York's foreign exchange market,
47:06and New York's foreign exchange market,
47:08and New York's foreign exchange market,
47:10and New York's foreign exchange market,
47:12and New York's foreign exchange market,
47:14and New York's foreign exchange market,
47:16and New York's foreign exchange market,
47:18and New York's foreign exchange market,
47:20and New York's foreign exchange market,
47:22and New York's foreign exchange market,
47:24and New York's foreign exchange market,
47:26and New York's foreign exchange market,
47:28and New York's foreign exchange market,
47:30and New York's foreign exchange market,
47:32and New York's foreign exchange market,
47:34and New York's foreign exchange market,
47:36and New York's foreign exchange market,
47:38and New York's foreign exchange market,
47:40and New York's foreign exchange market,
47:42and New York's foreign exchange market,
47:44and New York's foreign exchange market,
47:46and New York's foreign exchange market,
47:48and New York's foreign exchange market,
47:50and New York's foreign exchange market,
47:52and New York's foreign exchange market,
47:54and New York's foreign exchange market,
47:56and New York's foreign exchange market,
47:58and New York's foreign exchange market,
48:00and New York's foreign exchange market,
48:02and New York's foreign exchange market,
48:04and New York's foreign exchange market,
48:06and New York's foreign exchange market,
48:08and New York's foreign exchange market,
48:10and New York's foreign exchange market,
48:12and New York's foreign exchange market,
48:14and New York's foreign exchange market,
48:16and New York's foreign exchange market,
48:18and New York's foreign exchange market,
48:20and New York's foreign exchange market,
48:22and New York's foreign exchange market,
48:24but two years ago,
48:25the ambassadors had made
48:28an agreement to increase
48:29steering issues
48:30at the Japanese and American levels
48:32I made a promise to strengthen the military-level adjustments,
48:37but after that, I was asked to withdraw from the meeting,
48:40mainly with Secretary Hegses.
48:43I think it will be a test to see how important
48:47the promise of the military-level adjustments
48:51will be in tomorrow's meeting.
48:56So I'd like to pay attention to that.
48:58The U.S. government has also said it will reduce the cost of the military-level adjustments.
49:03I've seen the U.S. withdraw its military-level adjustments.
49:07But I've decided to do it at the military-level level,
49:10so I'd like to pay attention to whether the government
49:13will turn it over at the national level.
49:16That's all for today.
49:18Thank you all for coming.
49:28For more UN videos visit www.un.org
49:58www.un.org