TMTPOST -- U.S. Treasury Secretary Scott Bessent is said to visit Japan as Tokyo vows to seek a mutual beneficial trade deal following President Donald Trump’s letter dictating new tariff rates from next month and order to extend the deadline for tariffs.
Credit：U.S. Department of Defense
Bessent is planning a visit to Japan next week for the 2025 World Expo in Osaka, Bloomberg reported on Tuesday, citing people familiar with the matter. There will not be formal bilateral meetings or talks on trade during Bessent’s trip as he will fly to Japan as head of the American delegation to the Expo, the report cited a senior U.S. official, noting the U.S. will celebrate its National Day at the Expo on July 19.
The news came on the heel of Bessent’s communication with Japanese top trade negotiator Ryosei Akazawa. Akazawa, head of Japan’s Economic Revitalization Ministry, held a phone talk with Bessent for around 30 minutes on Tuesday, the Ministry of Foreign Affairs of Japan said in a statement.
Japanese and U.S. officials engaged in a frank and in-depth discussion following Japan’s receipt of the letter regarding the new U.S. tariffs, according to the statement. “Japan will continue to explore ways for a mutually beneficial agreement with the United States,” said the ministry in the statement.
The statement didn’t reveal any upcoming visit to Japan. Japan will continue to seek an agreement that is acceptable to both countries, said Akazawa after speaking with U.S. Commerce Secretary Howard Lutnick during a phone call for about 40 minutes.
Akazawa insisted the Japan-U.S. trade deal has to address concerns over auto tariffs. He said a 25% tariff on automobiles and auto parts imposed by the Trump administration has been causing tremendous daily losses to Japanese companies, “this is not something we can overlook.” Stressing automobile as the core industry for Japan, Akazawa said: “unless there is an agreement between Japan and the U.S. regarding that sector, I don’t believe it would be possible to reach an overall agreement as a complete package.”
Trump on Monday posted a letter to Japanese Prime Minister Shigeru Ishiba on his social media Truth Social, notifying U.S. will charge a 25% tariff on all of imports from Japan starting on August 1. Trump said in his letters that the new tariffs will separate from all existing sectoral tariffs, and goods transshipped to evade a higher tariff will be subject to that higher tariff.
Companies in Japan will be exempted from the new tariffs if they decide to build or manufacture goods in the United States,Trump wrote. “If for any reason you decided to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge,” Trump wrote.
Trump on Monday also signed an executive order, delaying the tariff deadline on Wednesday to August 1. The executive order effectively extended the July 9 deadline by more than three weeks.
Ishiba on Tuesday called the new tariffs “extremely regrettable” but said he was determined to continue negotiating. Tokyo will continue to seek a pact with theU.S. "that benefits both countries, while protecting Japan's national interests" Ishiba told a cabinet meeting in televised remarks. Ishiba said Trump’s tariff rate is lower than the levels he had threatened earlier and opens the way for further negotiations.
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