Japan has been hit with 24 per cent levies on its exports to the US though these charges have, like most of Trump’s tariffs, been paused for 90 days. However a ten per cent common fee stays in place as does a 25 per cent obligation for vehicles, a mainstay of Japan’s export-reliant economic system.
Bessent has mentioned there’s a “first mover benefit” given Washington has mentioned greater than 75 international locations have requested talks. Nonetheless, Japanese Prime Minister Shigeru Ishiba mentioned on Monday that his nation, an in depth US ally, will not rush to achieve a deal and doesn’t plan to make huge concessions.
Ishiba has, for now, ruled out countermeasures to the US tariffs.
“The issue for the Japanese staff is that the US has created an enormous quantity of leverage for itself, unilaterally,” mentioned Kurt Tong, managing companion at The Asia Group, a Washington-based consultancy.
“The US is providing to not hit Japan with sticks, and Japan is caught able of providing an entire lot of carrots. And from their perspective, it appears like financial coercion,” mentioned Tong, a former State Division official.
Trump has lengthy complained concerning the US commerce deficit with Japan and different international locations, saying US companies have been deprived by commerce practices and intentional efforts by different international locations to keep up weak currencies.
Tokyo denies it manipulates its yen foreign money to realize benefit.