‘Mutually beneficial' trade deal with Japan still possible, U.S. Treasury Secretary says

Globe and Mail

7 days ago

A mutually beneficial U.S.-Japan tariff agreement is still possible, Treasury Secretary Scott Bessent said on Friday after meeting Japanese Prime Minister Shigeru Ishiba in Tokyo.
'A good deal is more important than a rushed deal, and a mutually beneficial trade agreement between the United States and Japan remains within the realm of possibility,' Bessent said on social media.
Bessent, the top U.S. tariff negotiator with Japan, met briefly with Ishiba as he is leading a presidential delegation to attend the U.S. National Day event on Saturday at World Expo 2025 in Osaka in western Japan.
Speaking to reporters after the meeting, Ishiba said he asked Bessent to continue 'active talks' with his top tariff negotiator Ryosei Akazawa.
Akazawa, who also attended the meeting, confirmed to reporters that both sides agreed to maintain a productive dialogue. Bessent left Ishiba's office without speaking to reporters.
Akazawa will receive the U.S. delegation on Saturday at Expo.
Trump threatens higher tariffs on more than a dozen countries, but extends negotiating deadline
Tokyo is hoping to meet an August 1 deadline to reach a deal to avert President Donald Trump's tariff of 25% on goods imports from Japan as part of the global trade shakeup he has unleashed since taking office in January.
Bessent's visit comes at a delicate moment for Japan, as its fragile minority government is poised for another setback in an upper house vote on Sunday, an outcome that could complicate the tariff talks with the United States.
Japan's Mainichi Shimbun daily reported on Friday evening that Akazawa has started making arrangements to visit the United States next week for further talks with Bessent and Commerce Secretary Howard Lutnick.