Tokyo and Washington have been negotiating a deal to avoid 25% US tariffs on Japanese exports to the world's largest economy. On July 7, Trump notified several US trading partners of increased country-specific "reciprocal tariff" rates, with Japan due to be subject to 25% tariffs as of Aug. 1 unless another deal is reached beforehand.

Trump has sent letters to leaders of dozens of countries outlining the tariff levels set to begin on Aug. 1. In recent months, Trump has rolled back some of his steepest tariffs, meaning delays could be possible in the case of the Aug. 1 deadline. The Trump administration appears to have stood largely behind the deadline in recent days, however.

Asian governments are hoping a flurry of last-minute diplomacy will secure them better deals from the White House. Japan’s chief trade negotiator Ryosei Akazawa met with US Commerce Secretary Howard Lutnick for more than two hours on Monday — his eighth round of trade talks with US officials.

SINGAPORE (Reuters) -Asian share markets drifted lower after scaling a near four-year peak on Tuesday ahead of a slate of corporate earnings, while investors took stock of tariff negotiations between the U.

Unlike the European Union, the Japanese government has made no indication it plans to impose any kind of reciprocal tariff on the U.S.

A mutually beneficial U.S.-Japan tariff agreement is still possible, Treasury Secretary Scott Bessent said on Friday after meeting Japanese Prime Minister Shigeru Ishiba in Tokyo. "A good deal is more important than a rushed deal,

The U.S. will impose tariffs of 25% on Japan and South Korea beginning on Aug. 1, President Donald Trump announced on Monday in posts on Truth Social.

Japanese electronics companies may have to restructure once they start to feel the impact from the U.S. tariffs, chief economist at the Japanese Dai-ichi Life Research Institute Hideo Kumano told ABC News.

President Donald Trump said on Wednesday the U.S. will probably "live by the letter" on tariffs with Japan and may have another trade deal coming up with India, following his announcement of an accord with Indonesia on Tuesday.

The commercial relationship between the United States and Japan is at a critical juncture, with a looming 25% tariff threat from President Donald Trump on Japanese imports. This could significantly raise prices for American consumers on key products.