Japanese Prime Minister Shigeru Ishiba said on Tuesday that he would continue negotiations with the U.S. to seek a mutually beneficial trade deal, after President Donald Trump announced 25% tariffs on goods from Japan starting August 1, Reuters reported.

Trump on Monday began notifying trade partners of steep U.S. tariff hikes, but later indicated a willingness to delay implementation if countries made acceptable proposals.

The move triggered a broad decline in the yen as expectations receded of a near-term interest rate hike.

While Tokyo and Washington have yet to reach a deal, Ishiba noted that recent talks had helped Japan avoid even steeper tariffs of around 30% to 35%, according to Reuters.