Japanese commerce envoy Akazawa reckons he's made progress in US commerce talks (will get a refund!)

Japanese commerce envoy Ryosei Akazawa mentioned the U.S. has agreed to appropriate a presidential order on tariffs and refund any extra duties collected in error. Talking in Washington after talks with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent, Akazawa careworn there was no disagreement between the 2 international locations over reciprocal tariffs.

Underneath the settlement, gadgets beforehand taxed above 15% will now be capped at that price, whereas these underneath 15% might be charged precisely 15%, together with present duties. Akazawa referred to as it “extraordinarily regrettable” that the unique order didn’t replicate the agreed phrases, however mentioned each U.S. officers expressed remorse and pledged a well timed correction.

As soon as amended, a brand new order will formalise the tariff charges agreed in July, together with reducing U.S. auto tariffs from 27.5% to 15%.

This text was written by Aaron Cutchburt at investinglive.com.