Overview

• Prime Minister Shigeru Ishiba initiated a 25-minute call on May 29 to refocus discussions on the removal of U.S. tariffs on Japanese imports.
• He reported that the leaders deepened their understanding on trade, security and economic cooperation during the conversation.
• Japan’s chief trade negotiator Ryosei Akazawa is leading fresh talks in Washington and plans to meet Treasury Secretary Scott Bessent.
• U.S. support for Nippon Steel’s proposed purchase of U.S. Steel is viewed as a boost to Tokyo’s bid to lift punitive duties.
• Facing a potential return to 25% levies on autos, steel and aluminium in July, both parties aim to secure an agreement by the June G7 summit in Canada.