Overview

• Bessent told Ishiba that the two nations can reach “a good agreement” but no trade concessions were detailed
• Ishiba urged Bessent to ramp up negotiations with lead envoy Ryosei Akazawa to nail down specifics
• Automotive levies remain the chief sticking point after three months of deadlocked talks
• Across-the-board duties on Japanese exports will rise from 10% to 25% on Aug. 1 without a deal
• A national election this weekend threatens to weaken Ishiba’s leverage by possibly costing his coalition an upper house majority