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yesterday

Japan and US Advance Fourth Round of Trade Talks as G7 Summit Nears

Tokyo is offering billions of dollars in semiconductor purchases plus defense contracts to persuade Washington to lift its 25% tariffs on Japanese imports

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Japan's Economic Revitalization Minister Ryosei Akazawa speaks to the press upon his arrival at Haneda Airport, a day after ministerial talks on tariffs, with U.S. President Donald Trump joining the negotiators, in Tokyo, Japan, April 18, 2025. REUTERS/Issei Kato/File Photo
Japan's Prime Minister Shigeru Ishiba speaks to media after a meeting with incoming Agriculture, Forestry and Fisheries Minister Shinjiro Koizumi (not in picture) at his official residence in Tokyo, Japan May 21, 2025. REUTERS/Issei Kato

Overview

  • Japan’s Economy Minister Ryosei Akazawa spent more than two hours in Washington meeting Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick to press for removal of 25% levies on autos, steel and aluminum.
  • Akazawa insisted that any deal requires Washington to drop all recent tariff measures and highlighted discussions on expanding cooperation in economic security and supply chains.
  • Tokyo is preparing a package of incentives that includes up to ¥1 trillion for US-made semiconductors, increased defense equipment purchases and extra contributions to US troop stationing costs in Japan.
  • Prime Minister Shigeru Ishiba and President Donald Trump held their second trade-focused phone call this month, with both leaders affirming a deepened understanding and commitment to continued talks.
  • Both sides agreed to schedule another negotiation round before the June G7 summit in Canada as Japan faces a tariff hike to 24% on its key exports starting in July.