According to CCTV News, U.S. President Donald Trump announced via social media on July 22 (local time) that the United States and Japan have reached a trade agreement, imposing a 15% tariff rate on Japanese imports and securing US$550 billion in Japanese investment in the U.S.
On July 23, Japanese Prime Minister Shigeru Ishiba told reporters at the Prime Minister's Office that he would first receive a detailed report from Economic Revitalization Minister Ryosei Akazawa before deciding whether a phone call or an in-person meeting with President Trump would be necessary.
Following Trump's announcement of the trade progress, a Japanese government official confirmed that Japan welcomed the deal as described in Trump's post, attributing the outcome to Minister Akazawa's tenacious negotiations.
Ishiba on Future Role: "Will Comment After Full Review of Trade Deal"
When asked about his political future after reaching the tariff agreement, Prime Minister Ishiba stated that negotiations involving national interests must be assessed based on results. He emphasized that a thorough review of the deal's terms is necessary before making any announcement.
The ruling coalition of Japan's Liberal Democratic Party (LDP) and Komeito suffered a defeat in the July 20 upper house election, plunging Ishiba's cabinet approval ratings to a record low. Calls for his resignation as both prime minister and LDP president have since emerged within the party. At a July 21 press conference, Ishiba apologized for the election loss but stressed the need for political stability amid ongoing U.S.-Japan tariff talks and rising domestic prices, affirming to formally express intention to formally resign before the end of August.
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