Overview

• Face-to-face trade negotiations between the U.S. and Japan concluded without any immediate progress on reducing tariffs.
• President Trump directly participated in the talks, signaling his intent to maintain tight control over trade discussions.
• Japan's chief negotiator Ryosei Akazawa confirmed that exchange rates were excluded from the discussions, despite prior U.S. concerns about currency manipulation.
• Both sides acknowledged significant gaps in their trade stances but agreed to reconvene later this month for further negotiations.
• Current U.S. tariffs include a 25% levy on Japanese steel and cars, with additional auto-part tariffs set to take effect in May.