President Donald Trump announced Wednesday that he will be working out deals with Japanese officials amid the growing trade war between the U.S. and China.
According to the Associated Press, the tariffs have put pressure on the economy and in turn, has put pressure on the Trump administration to deliver new deals and quick result.
In a social media post, Trump assured Americans that a deal could be worked out between the U.S. and Japan.
“Japan is coming in today to negotiate Tariffs, the cost of military support, and “TRADE FAIRNESS,” Trump said. “I will attend the meeting, along with Treasury & Commerce Secretaries. Hopefully something can be worked out which is good (GREAT!) for Japan and the USA!”
The tariffs, which were announced on April 2, trigged a panic in the financial markets and sparked recession fears, which caused Trump to put a 90-day pause on foreign imports from everywhere but China, which had its tariffs increased to 145%.
Japan was spared from 24% tariffs that were to be implemented across the board. However, a 10% baseline tariff and a 25% tax on imported cars, auto parts, steel and aluminum exports continue.
China’s President Xi Jinping has recently been seeking allies among China’s Southeast Asia neighbors, including a tour of Vietnam and Malaysia to promote China as a stable trading partner.
The AP further reported that Japan is trying to minimize the potential economic fallout that could come from the tariffs, and recently set up a special task force to assess the impact.
Trump is reportedly wanting to close a trade deficit gap with Japan that’s close to $68 billion, and is wanting more access to foreign markets, but noted that the tariffs could be used to pay down America’s debt.
Japan’s chief trade negotiator, Economic Revitalization Minister Ryosei Akazawa told reporters at Tokyo’s Haneda Airport that he will be meeting with White House officials and is “prepared for talks.”
“I am prepared for the talks,” Akazawa said. “I will negotiate in order to firmly protect our national interest,” adding that he hopes to build a relationship of trust with both Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer are “known to be pro-Japan and professionally talented.”
“I believe we can have good talks toward a win-win relationship that will serve national interest for both Japan and the United States,” Akazawa said.
