US, Japan Reconfirm Adherence to '15% Tariff Cap' Agreement..."Blocking Additional Tariffs"

US, Japan Reconfirm Adherence to '15% Tariff Cap' Agreement..."Blocking Additional Tariffs"

Japanese Economy Minister Akazawa Meets with US USTR Representative..."Last Year's Agreement Unchanged"

The United States and Japan have confirmed that there will be no tariffs exceeding last year's US-Japan agreement regarding US tariff measures, Kyodo News and NHK reported on the 5th.

Japanese Minister of Economy, Trade and Industry Ryosei Akazawa, who visited Washington D.C. and met with Jamison Greer, the US Trade Representative (USTR), stated this at a press conference on the 4th local time.

The United States and Japan signed a trade agreement last year, setting a tariff rate cap of 15%, including existing tariffs.

The US has applied a special exemption, imposing tariffs up to 15% on Japanese products whose tariffs do not exceed 15%, and not imposing additional tariffs on goods whose tariffs exceed 15%.

Minister Akazawa and Representative Greer confirmed in their meeting that they would adhere to this agreement and that even if the US introduces new measures in the future, no additional tariffs exceeding the agreement's terms would be imposed on Japan.

Minister Akazawa said, "Last year's tariff agreement is immutable, and both countries confirmed that they will continue to work towards its implementation."

Minister Akazawa also stated that he met with US Secretary of Commerce Howard Lutnick the previous day and confirmed the progress of Japan's $550 billion (741 trillion won) investment in the US.

While not mentioning specific agenda items, he said, "The proportion of matters related to artificial intelligence (AI) and semiconductor manufacturing is growing very significantly."

Meanwhile, Minister Akazawa published a book last year titled 'Trump Tariffs - A Record of Negotiations,' which covers the process and behind-the-scenes stories of tariff negotiations with the US Donald Trump administration.

At the time, he was in charge of the negotiations and recalled the process of shifting to an 'investment over tariffs' strategy, proposing investment in the US instead of being subjected to high tariffs from the Trump administration, and forming a friendship with Secretary of Commerce Lutnick, whom he affectionately called 'Lut-chan'.

He vividly described the tense situation throughout the long negotiation process, right up to the moment when President Trump finally exclaimed, 'You have a deal!' and extended his hand, signaling that a breakthrough for an agreement between the two countries was finally visible.