Japan, US Can Reach Good Trade Deal, Bessent Tells Ishiba
Bessent, who is in Japan for the first time since taking his current position, will attend the US National Day at the World Expo in Osaka.
Japanese Prime Minister Shigeru Ishiba said that US Treasury Secretary Scott Bessent told him that the two nations will be able to reach a good trade deal.
Ishiba urged Bessent to continue talks vigorously with Japan’s chief negotiator Ryosei Akazawa to achieve a mutually beneficial agreement. The two sides didn’t discuss specifics on trade as a Aug. 1 deadline for higher levies approaches, Ishiba told reporters after meeting Bessent in Tokyo on Friday.
“There are many areas in which Japan and the United States should cooperate in the fields of economy and security,” Ishiba said. “Secretary Bessent stated that a good agreement would definitely be reached.”
Bessent, who is in Japan for the first time since taking his current position, will attend the US National Day at the World Expo in Osaka on Saturday. As trade was not the main purpose of his visit, the two sides didn’t delve deeply into the subject, according to Akazawa, who spoke to reporters before Ishiba. Akazawa is also set to meet Bessent in Osaka, and the negotiator said trade could come up during Bessent’s visit to the Expo as the subject is always on their minds.
The meeting on Friday was friendly, and involved discussions on various topics, Akazawa said. Ishiba said he hopes that the US National Day will demonstrate the strong Japan-US alliance.
“From my perspective, the security of Ukraine, the Middle East, and Asia are interconnected, and I would like to strengthen cooperation between Japan and the US,” Ishiba said. “I would also like to take the initiative in ensuring peace and security in Japan and continue to work to strengthen our defense capabilities.”
Lack of concrete progress on trade adds to signs that the two sides remain some ways from achieving a deal two weeks before across-the-board tariffs on Japan’s exports to the US are set to jump up to 25% from 10% on Aug. 1. A national election on Sunday could complicate the negotiation process as polls suggest Ishiba’s ruling coalition may lose a majority in the upper house, weakening his bargaining position.
The three-month negotiations have resulted in no deal so far with the two sides, as a 25% tariff on cars remains a sticking point. But Tokyo has at least been able to separate trade talks from discussions of defense and foreign exchange, two areas which US President Donald Trump has criticized the Asian nation for taking advantage of America.
Akazawa, who has visited Washington seven times since April, wasn’t able to meet with Bessent in person during his last visit in June. He’s kept the dialogue going via phone calls with Commerce Secretary Howard Lutnick, without achieving concrete results.
