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Investing.com -- U.S. Treasury Secretary Scott Bessent has been assigned to lead trade discussions with Japan, according to Nikkei, citing sources within the Treasury Department. The talks are anticipated to focus on tariffs and exchange rates.
This decision to appoint Bessent to this role was revealed on Monday. The negotiations are part of a broader agreement between the U.S. and Japan to delegate cabinet-level tariff negotiators in tariff discussions. This agreement was reached by U.S. President and Japan's Prime Minister Ishiba.
The inclusion of the yen in the discussions indicates that currency rates will be a significant topic in the upcoming talks. This highlights the importance of these negotiations in shaping the economic relationship between the U.S. and Japan.
The discussions led by Bessent will be crucial in determining the future trade relationship between the two countries. The outcome of these talks could potentially impact tariff rates and currency exchange rates, affecting both countries' economies.
The U.S. is currently implementing 10% tariffs on most imports, with higher penalties based on "half" of the trade deficits of certain countries. This will result in a 24% tariff for Japan being implemented on April 9.
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