US and Japan Reaffirm Commitment to 15% Tariff Cap Agreement, Preventing Additional Tariffs

▲ Japanese Economy, Trade and Industry Minister Ryosei Akazawa

The United States and Japan have reaffirmed that there will be no tariffs exceeding the limits agreed upon in last year's U.S.-Japan agreement regarding U.S. tariff measures, Kyodo News, NHK, and other outlets reported on September 5.

Japanese Economy, Trade and Industry Minister Ryosei Akazawa, who is visiting Washington, D.C., made the remarks during a press conference on September 4 (local time) after meeting with U.S. Trade Representative (USTR) Jamieson Greer.

Last year, the U.S. and Japan concluded a trade agreement capping tariff rates at 15%, including existing tariffs.

The U.S. has applied special measures capping tariffs at 15% for Japanese products with tariff rates below 15%, while refraining from imposing additional tariffs on goods with tariff rates exceeding 15%.

During their meeting, Minister Akazawa and Representative Greer confirmed that they would abide by this agreement and ensure that even if the U.S. introduces new measures in the future, no additional tariffs exceeding the agreed terms will be imposed on Japan.

"Last year's tariff agreement remains unchanged, and we have confirmed that both countries will continue to work toward its implementation," Minister Akazawa said.

Minister Akazawa also stated that he met with U.S. Commerce Secretary Howard Lutnick the previous day to review the progress of Japan's 741 trillion won investment in the United States.

While refraining from mentioning specific agenda items, he noted, "The proportion of matters related to artificial intelligence (AI) and semiconductor manufacturing is growing significantly."

(Photo: Getty Images)

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