U.S. and Japan Reaffirm 15% Tariff Cap, Blocking Additional Tariffs

[Financial News] The United States and Japan reaffirmed their position that they will maintain the tariff agreement reached last year.
Ryosei Akazawa, Japan's minister of economy, trade and industry, visited Washington, D.C., and met with Jamieson Greer, the U.S. trade representative. At a press conference on the 4th (local time), he announced the reaffirmation.
Last year, the two countries concluded a trade agreement that set a 15% ceiling on tariff rates, including existing tariffs.
The United States has applied a special provision under which tariffs on Japanese products subject to rates below 15% are imposed at 15%, while no additional tariffs are imposed on goods already subject to tariffs exceeding 15%.
During their meeting, Ryosei Akazawa and Jamieson Greer confirmed that they would comply with the agreement. They also confirmed that even if the United States introduces new measures in the future, it will not impose additional tariffs on Japan exceeding the terms of the agreement.
Ryosei Akazawa said, "The tariff agreement reached last year remains unchanged, and we confirmed that both countries will continue working toward that goal."
Ryosei Akazawa said he had met with U.S. Commerce Secretary Howard Lutnick the previous day and confirmed the progress of Japan's $550 billion (741 trillion won) investment in the United States. He noted that the shares allocated to areas such as artificial intelligence (AI) and semiconductor manufacturing are growing.
[email protected] Myung-yeon Kang Reporter