Japan Economic Minister Ryosei Akazawa has concluded his meeting with U.S. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. The meeting, which lasted over two hours and marked the fourth round of talks, ended without the two sides reaching a trade deal.
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Still, the two countries agreed to meet again with the topics of semiconductor and rare earth trade in mind ahead of the Group of Seven (G7) Leaders’ Summit in July, according to Nikkei Asia.
Japan Seeks Reversal of All U.S. Tariffs
After the meeting, Akazawa said that it would be difficult to form a trade deal unless the U.S. agrees to drop all of its tariffs, including the duties set on Japanese vehicles. President Trump had previously enacted a 25% tariff on imported cars and trucks from Japan before reducing the rate to 10% for 90 days. In 2024, Japan exported roughly $148 billion of goods to the U.S. with vehicles accounting for about 28% of that figure. The U.S.’ goods trade deficit with Japan stands at $68.47 billion.
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