Trump Says ‘Big Progress’ Made In Japan Trade Talks – But No Deal Yet

President Donald Trump on Wednesday said trade talks with Japan had made “big progress,” following a surprise appearance at bilateral negotiations in Washington. 

The meetings came as Tokyo pressed for exemptions from sweeping U.S. tariffs, including a 24% duty proposed under Trump’s “reciprocal” trade measures.

“A great honor to have just met with the Japanese delegation on trade. Big Progress!” Trump posted on Truth Social following the talks.

The discussions did not result in the immediate suspension of any tariffs. But Japan’s lead negotiator, Ryosei Akazawa, said preparations are underway for a second round of talks later this month. He added that Trump signaled a desire to finalize a deal before the 90-day pause on his reciprocal tariffs expires July 9.

Akazawa, who met with Trump for 50 minutes and then held a separate 75-minute session with Treasury and Commerce Department officials, described the tariff regime as “deeply regrettable.”

“I explained Japan’s position regarding the impact on Japanese investment and hiring, both in Japan and the U.S., and strongly requested that the U.S. review its series of tariff measures,” he told reporters after the meeting, according to Reuters.

Japan has been hit with a 10% baseline tariff, alongside 25% duties on cars, steel, and aluminum—sectors that form a significant portion of its exports to the U.S.

“Meetings with Japan are a priority,” Akazawa added. “When Trump says there are 70 or 100 countries in line for a meeting, there’s no way the president can attend all of them. His presence today is a clear sign of that.”

Akazawa said that while he remains uncertain about how the negotiations will evolve, he hopes for a resolution “as soon as possible.”

U.S. equity markets showed a mild recovery in pre-market trade on Thursday. The Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, rose 1%, and the SPDR S&P 500 ETF Trust (SPY) edged 0.7% higher. Meanwhile, the SPDR Dow Jones Industrial Average ETF (DIA) remained in the red, down 1.4%. 

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