Presidential Office on US-Japan Tariff Deal: "Will Reference for Negotiations, National Interest Comes First"

Presidential Office: "Currently Reviewing Details of US-Japan Negotiations"
Key Trade and Security Officials to Meet with US Counterparts
Japan Finalizes Deal by Lowering Tariffs from 25% to 15%... Agrees to Open Agricultural Market and Pledge $550 Billion Investment

Regarding the conclusion of tariff negotiations between the United States and Japan, the Presidential Office stated, "If there are aspects that can be referenced in our own negotiations, we will take them into consideration."

Yonhap News Agency

On July 23, Kang Yoo-jung, spokesperson for the Presidential Office, said during a briefing, "We are currently reviewing the details of the agreement between the United States and Japan." The spokesperson added, "At present, the Director of National Security and the Trade Minister are visiting the United States, and later this week, the Deputy Prime Minister for Economic Affairs and the Minister of Trade, Industry and Energy are also scheduled to meet with key U.S. officials. We intend to prioritize the national interest in our discussions with the United States."

Previously, on July 22 (local time), the United States announced that it had finalized trade negotiations with Japan ahead of the mutual tariff imposition deadline set for August 1. As a result of the negotiations, the mutual tariff rate was adjusted to 15%, which is 10 percentage points lower than the previously announced 25%.

In April, the United States had stated it would impose a 24% mutual tariff on Japan, then raised it by 1 percentage point to 25% on July 7, but now has lowered it by 10 percentage points. In exchange for the reduced mutual tariff, Japan agreed to open its markets for automobiles, trucks, rice, and certain agricultural products, and pledged $550 billion in investments in the United States.

The tariff rate for automobiles?which accounts for 80% of Japan’s trade surplus with the United States?was set at 15%. The 25% tariff on automobiles, applied since April, will be reduced by half to 12.5%, and with the addition of the existing 2.5% tariff, the final rate will be 15%. However, the tariffs on steel and aluminum will remain at the existing 50%. The Japanese government had requested exemptions for steel and aluminum tariffs from the United States, but was unable to achieve this in the latest negotiations.

Regarding rice, which was a key issue in the tariff negotiations, the Japanese government decided not to lower tariffs on U.S. rice, unlike other Southeast Asian countries such as Vietnam, Indonesia, and the Philippines that had previously concluded negotiations. Instead, Japan will increase imports of U.S. rice. Japanese Prime Minister Shigeru Ishiba emphasized, "This agreement does not involve sacrificing agriculture in any way." Regarding imports of U.S. rice, Prime Minister Ishiba stated that the Japanese government would secure the necessary rice within the framework of the Minimum Market Access (MMA) system, under which the government is obligated to import a certain amount, and added, "We will increase the proportion of U.S. rice procured within this framework."

The Japanese government also promised joint ventures with the United States for liquefied natural gas (LNG) development in Alaska. However, regarding President Trump's statement that "Japan will invest $550 billion in the United States," no specific details have been disclosed. Prime Minister Ishiba also did not provide specifics on this matter.

Meanwhile, with nine days remaining before the mutual tariff deadline, Yeo Han-koo, Trade Minister of the Ministry of Trade, Industry and Energy, arrived in Washington, D.C. on July 22. Kim Jung-kwan, Minister of Trade, Industry and Energy, and Koo Yoon-chul, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, will also visit the United States this week. The Donald Trump administration had previously notified South Korea of a 25% mutual tariff rate. Among Asian countries, Japan, Indonesia, Vietnam, and the Philippines have already concluded trade negotiations with the United States.

This content was produced with the assistance of AI translation services.