Ishiba and Bessent say 'good' trade agreement still possible
"A good deal is more important than a rushed deal,' Bessent said following a meeting with Ishiba in Tokyo. "A mutually beneficial trade agreement between the United States and Japan remains within the realm of possibility.'
"I look forward to continuing formal talks in the future,' Bessent said in a post on X.
Ishiba urged Bessent to continue talks vigorously with Japan's chief negotiator Ryosei Akazawa to achieve a mutually beneficial agreement. The two sides didn't discuss specifics on trade even as an Aug. 1 deadline for higher levies approaches, Ishiba told reporters after meeting Bessent on Friday.
"There are many areas in which Japan and the United States should cooperate in the fields of economy and security,' Ishiba said. "Secretary Bessent stated that a good agreement would definitely be reached.'
Bessent, who is in Japan for the first time since taking his current position, was set to attend the U.S. National Day at the World Expo in Osaka on Saturday. As trade wasn't the main purpose of his visit, the two sides didn't delve deeply into the subject, according to Akazawa, who spoke to reporters before Ishiba. Akazawa is also set to meet Bessent in Osaka, and the negotiator said trade could come up during Bessent's visit to the Expo as the subject is always on their minds.
The meeting on Friday was friendly, and involved discussions on various topics, Akazawa said. Ishiba said he hopes that the U.S. National Day will demonstrate the strong Japan-U.S. alliance.
"From my perspective, the security of Ukraine, the Middle East, and Asia are interconnected, and I would like to strengthen cooperation between Japan and the U.S.,' Ishiba said. "I would also like to take the initiative in ensuring peace and security in Japan and continue to work to strengthen our defense capabilities.'
Lack of concrete progress on trade adds to signs that the two sides remain some ways from achieving a deal two weeks before across-the-board tariffs on Japan's exports to the U.S. are set to jump up to 25% from 10% on Aug. 1. A national election on Sunday could complicate the negotiation process as polls suggest Ishiba's ruling coalition may lose a majority in the Upper House, weakening his bargaining position.
The three-month negotiations have resulted in no deal so far with the two sides, as a 25% tariff on cars remains a sticking point. But Tokyo has at least been able to separate trade talks from discussions of defense and foreign exchange, two areas which U.S. President Donald Trump has criticized the Asian nation for taking advantage of America.
Akazawa, who has visited Washington seven times since April, wasn't able to meet with Bessent in person during his last visit in June. He's kept the dialogue going via phone calls with Commerce Secretary Howard Lutnick, without achieving concrete results.
The Mainichi Shimbun daily reported Friday evening that Akazawa has started making arrangements to visit the United States next week for further talks with Bessent and Lutnick.
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