Hope for U.S.-Japan Tariff Agreement Amid Trade Tensions
U.S. Treasury Secretary Scott Bessent met with Japanese Prime Minister Shigeru Ishiba, emphasizing that a beneficial trade agreement remains possible. Japan faces a deadline to avert U.S. tariffs, while domestic political challenges may complicate negotiations. Further talks are planned with Japan's negotiator Akazawa visiting the U.S. soon.
Amid ongoing trade tensions, U.S. Treasury Secretary Scott Bessent asserted the possibility of a mutually beneficial tariff agreement between the United States and Japan following a meeting with Japanese Prime Minister Shigeru Ishiba in Tokyo. He stressed the importance of securing a comprehensive deal rather than a swift one.
This significant exchange occurred as Bessent led a presidential delegation to the U.S. National Day event at World Expo 2025 in Osaka. Prime Minister Ishiba urged Bessent to engage in further active negotiations with Ryosei Akazawa, Japan's top tariff negotiator, who confirmed the commitment to ongoing productive dialogue.
The urgency of the negotiations is underscored by an imminent August 1 deadline to prevent a potential 25% U.S. tariff on Japanese imports. Meanwhile, Japan's internal political dynamics, particularly an upcoming upper house vote, could impact the talks' outcomes. With Akazawa planning a U.S. visit, discussions will continue at a pivotal time for both nations.
(With inputs from agencies.)
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