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Investing.com -- In a recent interview with Fox Business Network, U.S. Treasury Secretary Scott Bessent stated that he has not yet received a trade offer from Japan. Despite this, he expects Japan to be prioritized in negotiations due to their early approach.
Bessent pointed out that Japan's non-tariff trade barriers are considerably high. However, he expressed optimism about the upcoming discussions, stating, "I think we're going to have very productive negotiations on non-tariff barriers." He also expressed hope that, through effective negotiations, tariff levels would decrease for countries that refrain from retaliation.
This news follows a report by Nikkei that Bessent has been assigned to lead trade discussions with Japan. The report, citing sources within the Treasury Department, indicated that the talks are expected to focus on tariffs and exchange rates.
These discussions, led by Bessent, are crucial for shaping the future trade relationship between the U.S. and Japan. The outcomes could potentially influence tariff rates and currency exchange rates, which would impact the economies of both nations.
Currently, the U.S. imposes a 10% tariff on most imports, with higher penalties based on "half" of the trade deficits of certain countries. As a result, a 24% tariff for Japan is set to be implemented on April 9, 2025.
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