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yesterday

Trump and Ishiba signal progress in trade talks after second May call

Japan’s chief trade negotiator travels to Washington to push for the removal of 25% tariffs.

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Japan's Prime Minister Shigeru Ishiba speaks to media after a meeting with incoming Agriculture, Forestry and Fisheries Minister Shinjiro Koizumi (not in picture) at his official residence in Tokyo, Japan May 21, 2025. REUTERS/Issei Kato
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Overview

  • In their second May phone call, President Trump and Prime Minister Ishiba reported a deeper mutual understanding on trade issues.
  • Ishiba stressed that Japanese investment in US industries could create American jobs and was more important than tariffs.
  • Trump’s support for Nippon Steel’s proposed acquisition of US Steel has been hailed as a positive sign for Japan’s trade objectives.
  • Japan’s chief trade negotiator Ryosei Akazawa is meeting US Treasury Secretary Scott Bessent in Washington to press for the removal of 25% duties on autos, steel, and aluminum.
  • A US court has ruled the Trump-era tariffs unlawful, but the current 10% levy is set to rise to 24% in July unless a deal is reached.