TOKYO: The US authorities on Thursday (Aug 7) promised to amend a presidential government order to take away overlapping tariffs on Japanese items, Tokyo’s commerce negotiator mentioned, after talks in Washington to repair what he referred to as a “regrettable” oversight.
In these discussions, Ryosei Akazawa urged US Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent to make sure that a 15 per cent levy agreed final month on Japanese imports was not stacked on items, resembling beef, which can be topic to greater tariffs.
They defined they might amend a Jul 31 presidential order, which included a no-stacking provision for the European Union however not Japan, and likewise refund extra duties collected, Akazawa mentioned.
Lutnick and Bessent additionally mentioned Trump would decrease auto tariffs to fifteen per cent from 27.5 per cent in a separate government order, in keeping with the commerce settlement reached by the 2 nations final month.
“Frankly, I didn’t count on to be visiting the US once more so quickly after my final journey,” mentioned Akazawa, who has travelled to Washington 9 instances since April.
The US Treasury and Commerce Division didn’t instantly reply to requests for touch upon the conferences with Akazawa.
Readability on the tariff modifications, together with robust company earnings, pushed Japan’s broad Topix index above the important thing 3,000-point mark for the primary time.
Studies concerning the modification “calmed fears over U.S. tariffs and helped drive the market greater”, mentioned Shoji Hirakawa, chief international strategist at Tokai Tokyo Intelligence Lab.
