Japan's top tariff negotiator meets with US commerce secretary, Treasury secretary in Washington
The US has admitted to a "mistake" in the implementation of its trade agreement with Japan and has pledged to fix it, said Japan’s top tariff negotiator, Kyodo News Agency reported Friday.
Ryosei Akazawa, who is in Washington for meetings with American officials, said the US has promised to refund import taxes collected due to the oversight.
Akazawa has met with US Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent in Washington after arriving late Tuesday seeking a swift reduction in auto tariffs in line with the countries’ recent bilateral trade deal.
The biggest issue at stake is whether a 15% tariff set by President Donald Trump for imports from Japan will be added on top of other duties already in place, according to the agency.
On Thursday, Japanese Prime Minister Shigeru Ishiba also urged Trump to amend his executive order on Washington’s higher new tariffs.
Under the trade deal, Japan has pledged to boost investment in the US as part of a $550 billion initiative, while the US will also reduce its tariff on imported Japanese cars to 15% from the current 27.5%. However, when the rate will take effect remains unclear.
With autos a key pillar of Japan’s economy, prolonged higher tariffs could hurt major carmakers like Toyota and Honda, which rely heavily on the American market.
