Japan will continue trade talks with US for mutually beneficial deal, Ishiba says

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.