On Wednesday local time, U.S. President Trump unexpectedly personally participated in trade talks with Japanese officials and said that the negotiations had made "significant progress".
"It was a great honour to have just met with the Japanese trade delegation. Significant progress has been made! Trump wrote on his self-created social media platform, Truth Social, but did not disclose details of the negotiations.
The specifics of the discussions between U.S. and Japanese officials on Wednesday are unclear, but some of the statements made by both sides before the start of the talks may provide some clues.
Japan sent Ryomasa Akasawa, minister in charge of economic reconstruction, to Washington on the 16th to start negotiations. He will brief reporters on the meeting that evening.
The Japanese official had wanted to limit the discussion to trade and investment. But Mr. Trump said earlier on Wednesday that he would also be involved in the talks and raised a number of questions, including how much Tokyo is paying for U.S. troops in Japan. The U.S. military in Japan is the largest overseas deployment of U.S. troops.
"Japan is coming today to negotiate tariffs, the cost of military support and trade fairness. I will be here with the Ministers of Finance and Commerce. I hope to find a solution that is beneficial to both Japan and the United States! He said in a post on Truth Social.
U.S. Treasury Secretary Bessant and Commerce Secretary Lutnik, among other officials, attended the meeting with the Japanese trade delegation.
Beverent also wants to discuss the thorny exchange rate issue with Japan. Mr. Trump has long complained about the U.S. trade deficit with countries like Japan, saying that other countries deliberately keep weak currencies at a disadvantage for U.S. businesses. The Japanese side has denied manipulating the yen's exchange rate to gain a trade advantage.
Bessant also previously said he wanted an agreement covering tariffs, non-tariff barriers and the exchange rate, but the Japanese side has been lobbying for a separate discussion of the exchange rate.
He also said that Japan could invest in a multibillion-dollar gas project in Alaska, USA. This could also be one of the topics discussed.
Before his departure, Akasawa said Japan's commitment to expanding investment in the United States would help convince the United States that the two countries could achieve a "win-win" situation without tariffs.
Earlier this month, Trump signed two executive orders at the White House on "reciprocal tariffs," announcing a 10% "minimum base tariff" on U.S. trading partners and higher tariffs on certain trading partners, including a 24% tariff on Japanese imports.
Last week, the United States announced that it would suspend high "reciprocal tariffs" on dozens of countries, including Japan, for 90 days, but the 10% base tariff would remain in effect to give countries time to negotiate with the Trump administration.
For Japan, in addition to the general tax rate of 10%, the 25% tariff on automobiles also remains. This dealt a heavy blow to the Japanese economy. The Japanese economy is heavily dependent on exports, and automobiles are one of the key export categories. According to relevant data, about 30% of Japan's exports come from the automotive industry.
The U.S. side has said that as one of the first countries to start trade talks with the U.S., Japan has a "first-mover advantage." However, Japanese Prime Minister Shigeru Ishiba said on Monday that Japan does not intend to make significant concessions in trade talks with the United States and is in no hurry to reach a deal. However, he also ruled out the possibility of countermeasures against US tariffs.
Mr. Bessant also met with Vietnam's deputy prime minister last week to discuss trade issues and invited South Korea's finance minister to Washington next week for talks. Italian Prime Minister Giorgia Meloni will meet with Trump at the White House on Thursday to discuss tariffs imposed on the European Union.
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