Japan, US tariff talks make progress ahead of possible June trade deal

Japan and the United States have made "constructive" progress in their ongoing tariff negotiations, raising hopes for a potential trade agreement by June, Japanese Economic Revitalisation Minister Akazawa Ryosei said. 

Speaking after a second round of talks held in Washington on May 1, Akazawa noted that the discussions, which lasted about two hours, were productive and focused on resolving tensions related to U.S. trade and tariff policies introduced under President Donald Trump, Caliber.Az reports per foreign media.

"I reiterated that Japan regrets the tariff measures and I strongly urged the US to review them," Akazawa told reporters after the meeting. "I believe we had a constructive discussion and made progress to reach a mutually beneficial agreement as soon as possible."

Akazawa, who led the negotiations alongside U.S. Treasury Secretary Scott Bessent, emphasised that the talks covered a broad range of topics including mutual trade expansion, non-tariff measures, and economic security. However, he noted that currency issues and defence-related matters were not discussed.

He also highlighted the economic strain on Japanese industries, noting that automakers are incurring losses of approximately $1 million per hour due to current U.S. tariffs.

"Japan is acting to protect its national interests, while seeking to achieve a win-win outcome as soon as possible. This is the top priority," he added. 

Japanese Prime Minister Ishiba Shigeru echoed that sentiment, cautioning against hastily finalising an agreement that might compromise Japan’s economic position.

"We should not rush to reach agreement. We don't need an outcome that compromises our national interests," Ishiba said. "The two sides are negotiating to protect their interests, so Japan will make the best efforts to find common ground."

The next round of Japan-U.S. tariff talks is expected to take place later in May.

By Sabina Mammadli