Japan, Britain to start economic security talks before Trump's return

Japan and Britain are planning to launch ministerial talks on economic security, sources familiar with the matter said Thursday, apparently raising the guard against the return of U.S. President-elect Donald Trump and his protectionist mantra in international trade.

The new talks, involving their foreign and economic ministers, will be modeled on the existing "two-plus-two" framework focused on foreign and security affairs, the sources said.

Japanese Prime Minister Shigeru Ishiba and his British counterpart Keir Starmer are expected to discuss the idea of a new framework when they meet on the sidelines of the Group of 20 economies' two-day summit from Monday in Rio de Janeiro, Brazil, according to the sources.

During his election campaign, Trump pledged to impose blanket tariffs of 10 to 20 percent on nearly all imports as well as 60 percent tariffs on goods from China to bolster the domestic manufacturing sector.

Such steps could deal a heavy blow to Japan and Britain, as the value of their exports to the United States in 2023 accounted for 20.0 percent and 13.8 percent of the total, respectively, according to the Japan External Trade Organization.

The envisioned scheme between Tokyo and London will focus on promotion of free trade and economic security and their responses to Trump's policies, the sources said.

The two governments aim to hold the first meeting as soon as possible, with Japan to be represented by Foreign Minister Takeshi Iwaya and industry minister Yoji Muto, the sources said.

Britain would be the second country with whom Japan would have an economic "two-plus-two" dialogue. It follows one with the United States, Japan's close security ally, launched in 2022.

Japan and Britain are also likely to agree to collaborate on technologies related to cutting-edge semiconductors and artificial intelligence, and reinforce supply chains of rare metals, the sources added.

The two countries have been ramping up their relationship on various fronts, including the economic field, in recent years.

After its departure from the European Union in 2020, Britain was approved last year as the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a free trade pact joined by Japan.

The United States withdrew from the partnership in 2017 during Trump's first four-year tenure.

© KYODO