Trump May Have Sent Dear Japan Letter On Tariffs, But Tokyo Unlikely To Make Progress On Deal Until This Key Event Takes Place

US Japan

President Donald Trump notified Japan of 25% tariff rates on Monday, effectively extending negotiations until August 1 as Japan’s July 20 upper house election constrains deal-making.

Trump’s 90-day pause on “reciprocal” tariffs expires Wednesday. Treasury Secretary Scott Bessent acknowledged Japan’s “domestic constraints,” telling CNBC, “We’ll see where the Japanese deal goes.”