Overview

• Japan's chief negotiator, Ryosei Akazawa, reiterated the country's demand for the elimination of U.S. tariffs on automobiles, car parts, steel, and aluminum.
• Akazawa emphasized that Japan will not rush into a trade deal that compromises its national interests.
• Working-level talks were held in Washington on May 19, but the schedule for a third round of ministerial-level negotiations has yet to be finalized.
• Reports indicate Akazawa will travel to Washington this week, with talks potentially beginning on May 23 and U.S. Trade Representative Jamieson Greer expected to attend.
• Japan faces a looming 24% tariff rate on U.S. imports starting in July unless an agreement is reached, increasing pressure on both sides to find common ground.