Overview

• Japan recorded a global trade deficit of 5.2 trillion yen ($37 billion) for the fiscal year through March, its fourth consecutive annual shortfall.
• The trade surplus with the U.S. reached a record 9 trillion yen ($63 billion), driven by strong auto and technology exports.
• March exports grew by 3.9%, below the 4.5% forecast and significantly slower than February's 11.4% rise, with U.S.-bound shipments up 3.1%.
• President Trump implemented 25% tariffs on Japanese steel, aluminum, and autos in March and early April, while suspending a planned 24% reciprocal tariff for 90 days.
• Japanese officials are currently in Washington for high-level negotiations aimed at reducing the impact of U.S. tariffs on critical exports.