Bessent opening trade negotiations with Japan
Treasury Secretary Scott Bessent announced Monday the U.S. is opening trade negotiations with Japan.
Bessent, in a post on the social platform X, said President Trump has tasked him and U.S. Trade Representative Jamieson Greer to lead the talks.
'Following a very constructive phone discussion with the Government of Japan, @POTUS @realDonaldTrump has tasked me and @USTradeRep to open negotiations to implement the President's vision for the new Golden Age of Global Trade with @JPN_PMO Shigeru Ishiba and his Cabinet,' Bessent wrote.
He was responding to a statement from Trump following his phone call Monday morning with Japanese Prime Minister Shigeru Ishiba, who Trump said is 'sending a top team to negotiate.'
Trump, in the same post, said 'tough but fair parameters are being set' for the talks but added that Japan has 'treated the U.S. very poorly on Trade.'
'They don't take our cars, but we take MILLIONS of theirs,' Trump wrote. 'Likewise Agriculture, and many other 'things.' It all has to change, but especially with CHINA!!!'
Trump's 25 percent tariff on auto imports, along with the 24 percent tariff on Japanese goods, dealt a hefty blow to the country's economy, which is heavily reliant on exports.
A readout of the call from the Japanese prime minister's office said Ishiba 'expressed strong concerns that the tariff measures by the U.S. could weaken investment capacity among Japanese companies,' noting Japan has been the largest investor in the U.S. for the past five years.
Ishiba, according to the readout, 'urged a reconsideration' of Trump's tariffs and encouraged 'broader cooperation' between the two countries in a way 'that benefits both Japan and the United States in a mutual manner, including enhancement of investment, rather than imposing tariffs.'
'The two leaders confirmed that they will continue to have candid and constructive discussions,' the readout added.
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