US admits error in Japan trade deal, promises tariff refunds: Tokyo

The US admitted to a mistake in implementing a trade agreement with Japan, promising refunds of import taxes collected due to oversight, said Japan's top tariff negotiator Ryosei Akazawa. Akazawa met with US Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent in Washington. Japanese Prime Minister Shigeru Ishiba urged President Trump to amend an executive order on tariffs. Under the deal, Japan pledged $550 billion investment in the US, and the US will reduce the tariff on Japanese cars to 15% from 27.5%, but the effective date remains unclear. Prolonged higher tariffs could hurt Toyota and Honda.

The US admitted to a mistake in implementing a trade agreement with Japan, promising refunds of import taxes collected due to oversight, said Japan's top tariff negotiator Ryosei Akazawa. Akazawa met with US Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent in Washington. Japanese Prime Minister Shigeru Ishiba urged President Trump to amend an executive order on tariffs. Under the deal, Japan pledged $550 billion investment in the US, and the US will reduce the tariff on Japanese cars to 15% from 27.5%, but the effective date remains unclear. Prolonged higher tariffs could hurt Toyota and Honda.

The US admitted to a mistake in implementing a trade agreement with Japan, promising refunds of import taxes collected due to oversight, said Japan's top tariff negotiator Ryosei Akazawa. Akazawa met with US Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent in Washington. Japanese Prime Minister Shigeru Ishiba urged President Trump to amend an executive order on tariffs. Under the deal, Japan pledged $550 billion investment in the US, and the US will reduce the tariff on Japanese cars to 15% from 27.5%, but the effective date remains unclear. Prolonged higher tariffs could hurt Toyota and Honda.

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