WASHINGTON: President Donald Trump touted “significant progress” in tariff talks with Japan on Wednesday, one of the first rounds of face-to-face negotiations since the global imports performed their duties.
Japan has no expectation of the president to participate in Wednesday’s talks, viewing it as a preliminary, fact-finding mission, which shows that Trump hopes to maintain tight control with dozens of countries expected in the coming days and weeks.
Tokyo also hopes to limit the scope of talks on trade and investment matters. But Trump said in announcing his involvement early Wednesday that tricky issues include the amount Japan pays host U.S. troops as the topic of discussion.
“It’s an honor to just meet a trade delegation with the Japanese delegation. Trump said in his social media message that it contains details of the discussion.
Opposite Trump is Ryosei Akazawa, a close confidant to Japanese Prime Minister Shigeru Ishiba, who holds the position of Minister of Economic Revitalization in the relative teenage cabinet.
After the talks, Akazawa provided few details when talking to reporters, but said the parties had agreed to hold a second meeting later this month, and Trump said that reaching a deal with Japan was “a top priority.”
Akazawa added that the Trump administration said the exchange rate that Japan and others manipulate to gain a trade advantage was not part of the negotiations.
After his comments on Forex, the dollar was enhanced against JPY = EB, about 0.5% on the day. Tokyo denies that it will lower its yen currency to make its exports cheaper.
Japanese readers said Akazawa held a 50-minute meeting with his Finance Minister Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer for nearly an hour and a half.
The Japanese Prime Minister had previously said that he would not rush to reach a deal and did not intend to make big concessions. Later, he spoke to reporters in Tokyo in a more cautious tone.
“Of course, negotiations are not easy, but President Trump said he wants to make the talks with Japan the heaviest,” Ishiba said.
Italian Prime Minister Giorgia Meloni went to the White House on Thursday to discuss tariffs imposed on the EU with Trump, while Bessent invited South Korea’s finance minister to go to Washington for talks next week.
