On August 7, Prime Minister Shigeru Ishiba responded to concerns about a possible misunderstanding between Japan and the U.S. over new 15% mutual tariffs. He insisted there is no disagreement between the two countries.
Ishiba explained that under the agreement, items that already had tariffs over 15% would not be affected, while items with tariffs under 15% would be raised up to a total of 15%, including their existing rate. He emphasized that both countries share this understanding.
However, the executive order issued by the U.S. and put into effect the same day does not clearly reflect this, and it appears a flat 15% increase was added to all items, regardless of previous tariff levels.
Ishiba said that Economic Revitalization Minister Ryosei Akazawa, who is currently in the U.S., has reconfirmed the agreement with American officials. He added that Japan has strongly urged the U.S. to immediately revise the executive order to match the agreed terms.
by MagazineKey4532