Reuters: Bessent visits Japan, Japan seeks emergency tariff negotiations with the US
Reuters reported on July 10 that Japanese government sources revealed that Japan is seeking to hold tariff negotiations with US Treasury Secretary Scott Bessent during his visit to Japan next week, in response to the upcoming 25% import tariff increase by the US, which will take effect on August 1. According to the "Yomiuri Shimbun", Japan's tariff negotiation representative Akizawa Ryoji plans to meet with Bessent during the Osaka Expo and may arrange a direct dialogue between Prime Minister Ishiba Shigeru and Bessent. The negotiations aim to avoid the impact of the tariff increase on the Japanese economy. Japan has already held seven ministerial-level talks with the US in Washington. Prime Minister Ishiba Shigeru emphasized that the country will continue to push for negotiations to achieve a reciprocal agreement and instructed Akizawa Ryoji to prioritize the tariff issue even during the campaign period for the House of Councillors election on July 20. US Treasury Secretary Bessent will lead a delegation to participate in the US Pavilion event at the Osaka Expo on July 19, and the Japanese government hopes to use this opportunity to advance the negotiations. Currently, Japan's exports to the US account for about 20% of its total exports. If the tariff increase takes effect, it could significantly affect key industries such as automobiles and electronics. Economists have warned that if the negotiations fail, Japan's exports to the US could face losses of billions of dollars, further intensifying global trade tensions.
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