Trade Tensions: Japan Postpones Washington Visit Amid Tariff Dispute

Japan's lead trade negotiator has cancelled a scheduled trip to Washington to finalize a tariffs deal with the US, as urged by Chief Cabinet Secretary Yoshimasa Hayashi. The trip was to focus on a joint statement regarding tariff changes, initially discussed in July.

This cancellation follows Japan's discovery of errors in the preliminary agreement on tariffs reductions, with the US initially proposing a 15% tariff instead of the intended adjustments. Attempts to rectify this matter remain stalled as the US has yet to issue an amended presidential order, nor has it provided overdue refunds for excess tariffs incurred.

Responses from the US commerce sector suggest readiness to finalise the deal, including Japan's pledged investment of USD 550 billion into the US economy. However, the trip's agenda remains uncertain, highlighting the pressure on both nations to securely implement the agreement for their mutual economic benefit.

(With inputs from agencies.)