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Japanese Prime Minister Shigeru Ishiba said on Wednesday that he would withhold judgment on a trade deal announced by US President Donald Trump until the full details were reviewed.
Speaking to reporters in Tokyo following Trump’s declaration, Ishiba stated, “Regarding the outcome of the negotiations, I cannot comment until we have thoroughly examined the specifics of both the discussions and the agreement.”
However, he added, “As the government, we believe the deal will serve to protect Japan’s national interests.”
Trump had earlier claimed via his Truth Social platform that the United States had reached what he described as “perhaps the largest deal ever made” with Japan.
The agreement includes a 15% tariff on Japanese goods entering the US market. Before the deal, Japanese imports were already subject to a 10% tariff, which Trump had threatened to increase to 25% from August 1 unless a resolution was reached.
In addition to the existing duties, Japanese vehicles were already facing a 25% import levy, while steel and aluminium were being taxed at 50%.
Japanese media reported that under the newly announced deal, the tariff on car imports has been lowered to 15%, prompting a surge in Japanese auto stocks during trading in Tokyo on Wednesday morning.
Trump’s declaration coincided with a visit to Washington by Japanese trade envoy Ryosei Akazawa, who was on his eighth diplomatic trip to the US capital.
After holding meetings with senior American officials, Akazawa took to the social media platform X to announce, “Mission accomplished.”
