Japan Seeks U.S. Trade Pact Ahead of Tariff Deadline
(MENAFN) Japan’s chief tariff negotiator is determined to finalize a trade pact with the United States ahead of the August 1 deadline, when reciprocal tariffs are set to be imposed, media reported Tuesday.
Addressing concerns about the impact of Japan’s recent election results on talks, Ryosei Akazawa told reporters Monday near Washington, DC, “I don’t have (such a concern).”
The ruling coalition lost its majority in the upper house in Sunday’s election.
Akazawa expressed confidence in reaching an agreement before the tariff suspension expires, stating, “I believe that both Japan and the United States have a desire to reach some kind of agreement by then.”
Despite this optimism, US Treasury Secretary Scott Bessent told media the administration prioritizes high-quality agreements and said, “we’re not going to rush for the sake of doing deals.”
Akazawa arrived in Washington for the eighth round of negotiations just one day after the election, where Prime Minister Shigeru Ishiba’s Liberal Democratic Party-led coalition was defeated in the upper house.
During his visit, Akazawa aims to meet with Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer.
Before Akazawa’s arrival, Bessent emphasized that Washington’s focus is not on Japan’s political shifts but on securing the most favorable terms for the American people.
In a Monday press conference in Tokyo, Ishiba reaffirmed his commitment to remain prime minister, highlighting Japan’s role as the world’s largest investor and job creator in the US.
"Therefore, or should I say precisely because of this, we have been saying investment rather than tariffs and making various efforts in a bid to gain the understanding (of the US)," Ishiba said.
The two countries have been negotiating to prevent a 25% US tariff on Japanese exports, which would take effect August 1 unless a deal is finalized.
On July 7, President Donald Trump notified several trade partners, including Japan, of impending increased reciprocal tariff rates, threatening Japan with a 25% tariff if an agreement isn’t reached before the deadline.
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