US President Donald Trump indicated in a letter to Congress that he’s entering in to a trade deal with Japan in the “coming weeks”. There will be agreements on trade tariffs and digital trade that could allow him to make reciprocal tariff reductions by proclamation. No Congress approval would be needed.
For now, it’s unclear whether there is agreement for avoiding so-called Section 232 national security tariffs on Japanese autos. Japan’s Foreign Minister Toshimitsu Motegi said a a regular news conference that “at the finishing stage, we plan to reconfirm that 232 won’t be imposed.” Finance Minister Taro Aso also indicated the deal won’t contain any provision on currencies.
