Japan, US speed up tariff talks ahead of G7 summit

Japan and the United States have agreed to hold additional rounds of ministerial negotiations on tariff issues before the upcoming Group of Seven (G7) summit, as both sides seek to finalise a potential trade deal during the high-level gathering.

Japan's Economic Revitalisation Minister Akazawa Ryosei met with US Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick in Washington on May 30 for about two hours of discussions focused on tariffs and economic cooperation, Caliber.Az reports, referring to Japanese media.

During the talks, Akazawa reiterated Japan’s strong request that the US review its current tariff measures on Japanese goods. He emphasised that both sides now have a clear understanding of each other's positions, following his fourth visit to the United States. Akazawa noted that tangible progress had been made toward reaching an agreement.

Building on that momentum, the two countries agreed to accelerate coordination and reconvene for ministerial-level negotiations ahead of the G7 summit, which will be held in mid-June in Canada. Both governments are aiming for a possible agreement between Prime Minister Ishiba Shigeru and US President Donald Trump on the sidelines of the summit.

The US Department of the Treasury issued a statement following the fourth round of talks, describing the discussions as "frank and constructive." Bessent underscored the importance of addressing both tariff and non-tariff barriers, as well as enhancing bilateral investment.

He also highlighted the need for the two countries to collaborate on broader issues of economic security and other shared concerns. The statement further reaffirmed the strong US-Japan relationship and emphasised that working-level discussions are continuing across a broad range of economic matters.

By Tamilla Hasanova