Japan says US has promised to clear up tariff confusion | REUTERS
Japan says the US has promised to clear up confusion over a trade deal. Tokyo thought it had agreed to a 15% levy on its exports in July, but media reports suggested the rate would actually be stacked on top of existing tariffs. That meant some goods could face much higher levies than expected. Now, Japan trade negotiator Rios Akazawa says Washington has agreed to fix what he called a regrettable error. He says US Treasury Secretary Scott Bezant has promised to ensure that tariffs are not stacked. Bezant and Commerce Secretary Howard Lutnik also reportedly said they would ensure auto tariffs fell to 15% from the current 27.5%. There was no immediate comment on the claims from either the Treasury or Commerce departments. The confusion comes after much of Akazawa’s earlier agreement with Washington was never put into a signed document. That left a degree of ambiguity over the terms of the deal and caused Japanese firms to worry that they could face higher tariffs than anticipated.
The US government promised to amend a presidential executive order to remove overlapping tariffs on Japanese goods, Tokyo’s trade negotiator said, after talks in Washington to fix what he called a ‘regrettable’ error.
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