Ahead of the August 1 deadline to finalise a trade deal with the United States, Japan’s Prime Minister Shigeru Ishiba is set to meet US Treasury Secretary Scott Bessent in Tokyo this week. Bessant is visiting Japan to attend the US National Day at the World Expo 2025 in Osaka and will be leading the American delegation.
Reportedly, Japan’s chief tariff negotiator, Rayos Akazawa, is also expected to hold talks with Bessant during the trip.
Despite multiple US visits, a deal remains elusive. This will be the first high-level dialogue between Tokyo and Washington since President Trump announced new tariffs on Japanese imports, set to take effect on August 1.
Tariffs on autos are extremely important for Japanese markets, as the sector is a key part of their economy. Trump has set the August 1 deadline but hinted at possible flexibility. The question arises: What is Trump’s goal with this deadline, and will the tariffs come into effect if a deal isn’t agreed upon?
According to analyst Charles Thompson, negotiations are critical, especially given challenges Japan faces not only with the US but also with Korean competition and European regulations.
“We have to step back. Who knew there was a 700% tariff on American rice into Japan? Japan has been running under its own rules, but Trump’s move is a huge disruption. Even the Japanese Prime Minister has reportedly lost his cool under pressure,” Charles said, adding: “I’m surprised—Japanese leaders in the past would’ve quietly done a deal. Now, there’s a new norm: agreements with the US may include tariffs on you but not on Americans. Vietnam has already set the example.”
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