Trump praises “significant progress” in tariff negotiations with Japan.
Tokyo aims to narrow the focus of discussions to trade and investment issues.
WASHINGTON: President Donald Trump emphasized “significant advancements” in tariff discussions with Japan on Wednesday, marking one of the initial rounds of in-person negotiations following his imposition of duties on global imports, which unsettled markets and heightened concerns about a recession.
Japan was not anticipating the president’s participation in Wednesday’s discussions, considering them to be an initial, fact-finding endeavor. This indicates that Trump intends to maintain strict control over negotiations with numerous countries anticipated in the days and weeks ahead.
Tokyo had aimed to confine the discussions to trade and investment issues. However, in a statement made early Wednesday, Trump indicated that contentious subjects, such as Japan’s financial contribution for hosting US troops, would also be included in the talks.
“A Great Honour to have just met with the Japanese Delegation on Trade. Big Progress!” Trump said in a social media message that contained no details of the discussions.
Facing Trump was Ryosei Akazawa, a trusted advisor to Japanese Prime Minister Shigeru Ishiba, who holds the comparatively junior role of minister of economic revitalization.
After the discussions, Akazawa spoke to reporters, providing limited information but confirming that the parties had decided to meet again later this month. He also mentioned that Trump stated that securing a deal with Japan was a “top priority.
Akazawa noted that exchange rates, which the Trump administration has claimed are manipulated by Japan and other countries to gain a trade advantage, were not included in the discussions.
The dollar gained strength against the yen (JPY=EBS) following his comments on foreign exchange, rising approximately 0.5% for the day. Meanwhile, Tokyo refutes claims that it manipulates its yen currency to reduce the cost of its exports.
Akazawa conducted a 50-minute meeting with Trump at the White House, followed by an extensive session with Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer, which lasted nearly an hour and a half, as reported in Japanese summaries of the discussions.
Japan’s prime minister, who has previously stated that he won’t hasten to finalize an agreement and does not intend to make significant concessions, adopted a more cautious tone when addressing reporters in Tokyo later on.
Ishiba remarked, ‘Naturally, the negotiations ahead will be challenging, but President Trump has emphasized his desire to prioritize discussions with Japan.’
Italian Prime Minister Giorgia Meloni is set to visit the White House on Thursday to talk about tariffs placed on the European Union with Trump, while Bessent has extended an invitation to South Korea’s finance minister for discussions in Washington next week.
