Japan, US Continue Progress in Tariff Talks Ahead of G7 Summit

Japanese Economic Revitalization Minister and chief tariff negotiator Ryosei Akazawa has been conducting intensive trade talks in Washington to address the impact of high U.S. tariffs on Japan's economy. In multiple meetings with U.S. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, Akazawa strongly urged a review of these tariffs and discussed expanding trade, non-tariff measures, and economic security cooperation. The Japanese side has proposed increasing imports of American farm products and reviewing automobile import barriers, while also exploring collaboration on supply chains for rare earths and semiconductors amid concerns about China. Both sides acknowledge some progress but have yet to reach full agreement, aiming to finalize a deal ahead of the upcoming Group of Seven summit in Canada. These negotiations mark the fifth round of ministerial talks, with Akazawa visiting the U.S. for three consecutive weeks to expedite an agreement between Japanese Prime Minister Shigeru Ishiba and President Donald Trump. The discussions reflect Trump’s administration's focus on reducing the U.S. trade deficit with Japan through increased American exports.