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Akazawa and Lutnick talked for 45 minutes on Thursday and for about an hour on Saturday, reaffirmed their respective positions on the US tariffs and 'had an in depth exchange of views,' according to a statement by Japan's Cabinet Secretariat. The two sides will continue to coordinate, the statement read.
The phone calls took place as a 10% across-the-board levy on Japan's shipments to the US is set to revert back to 24% on July 9 barring a deal. Akazawa has traveled to the US seven times to hold talks with US counterparts including Lutnick, but previous talks have yielded little results.
US President Donald Trump said he signed 12 letters that will go out Monday to inform trading partners of the new US tariff rates on their exports. He didn't specify which nations will receive the letters.
In addition to the broader tariffs, as with other nations, Japan is also subject to a 25% levy on cars and auto parts and a 50% tariff on steel and aluminum. The duties are already weighing on Japan's economy, with the auto levy dealing a direct blow to the nation's most important export.
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The suspense is finally over. Elon Musk, the visionary behind Tesla and SpaceX, officially declared the formation of a new political party on Saturday, July 5, 2025. His stated aim: to challenge the long-standing dominance of both the Republican and Democratic parties. 'Today, the America Party is formed to give you back your freedom,' the controversial tech entrepreneur announced on X (formerly Twitter) at 3:46 PM ET. By a factor of 2 to 1, you want a new political party and you shall have it! When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy. Today, the America Party is formed to give you back your freedom. — Elon Musk (@elonmusk) July 5, 2025The creation of the 'America Party' is nothing short of a bombshell, particularly given Musk's significant financial contributions and political alignment with Donald Trump in the lead-up to the 2024 presidential election. Last year alone, Musk spent nearly $290 billion to support Trump's return to the White House. This timely alliance granted the self-described 'Techno King' an unprecedented level of influence for a tech entrepreneur in American politics. Trump, in turn, entrusted Musk with a custom-created federal department: the now infamous Department of Government Efficiency, or DOGE. DOGE, however, quickly became a lightning rod for criticism, seen by many as emblematic of the very dysfunctions it was meant to fix within the federal government. Its methods and decisions, including the closure of federal agencies and drastic cost cutting at essential institutions, provoked widespread rejection of the billionaire. This backlash manifested in protests outside Tesla showrooms, a drop in the electric vehicle maker's stock price, and a noticeable plunge in profits and sales. Tesla's sales erosion continued into the second quarter of 2025, during which the carmaker's global deliveries fell by 13.5%. Tesla's reputation, and that of Musk, suffered significantly, especially as the carmaker's customer base heavily includes progressives and liberals who viewed his political alignment as a sharp departure from their values. Under increasing pressure from the markets, Musk formally withdrew from his government role at the end of May. His public fallout with Trump began almost immediately after his departure, marked by a public spat between the two powerful figures on June 5. After a few weeks of relative calm, Musk reignited the feud by sharply criticizing the 'One Big Beautiful Bill,' President Trump's signature piece of legislation. He then publicly vowed to launch a political party and do everything he could to defeat Republican elected officials who voted for it. As promised, on June 30, Musk formalized the political party he had previously hinted at, following the bill's signing into law. The initial post announcing the party's formation generated more than 3 million views in less than an hour, signaling the immediate and widespread attention it commanded. Reactions on X, Musk's social network, were acutely mixed. Users who visibly supported the MAGA movement and the Grand Old Party (GOP) expressed palpable disappointment and anger. Many lamented that the billionaire's decision would, at best, fracture the conservative vote and, at worst, pave the way for Democratic victories in upcoming elections, particularly the crucial 2026 midterms. 'Why not just try and take over the GOP with more America First candidates?' asked one user, clearly disheartened by the billionaire's move. Why not just try and take over the GOP with more America First candidates? — Joey Mannarino 🇺🇸 (@JoeyMannarinoUS) July 5, 2025Roger Stone, a long time ally of President Trump, weighed in, commenting, 'I have huge respect for @elonmusk and everything he has done for free speech and to ferret out waste fraud and corruption in federal spending. But I would rather see him pursue his efforts at electoral reform within the Republican Party primaries rather than having a new party splitting the vote of sane people and letting the Marxist Democrats gain control again.' I have huge respect for @elonmusk and everything he has done for free speech and to ferret out waste fraud and corruption in federal spending, but I would rather see him pursue his efforts at electoral reform within the Republican Party primaries rather than having a new party… — Roger Stone (@RogerJStoneJr) July 5, 2025Another disappointed user questioned the legitimacy of the decision: 'So a little over a million people across the entire world take your poll and you're convinced this is what Americans want? And you do understand Democrats (who now despise you) would vote yes, knowing that you'll end up splitting the Republican party. Don't do this.' So a little over a million people across the entire world take your poll and you're convinced this is what Americans want? And you do understand Democrats (who now despise you) would vote yes, knowing that you'll end up splitting the Republican party. Don't do this. — EllyKayUSA (@EllyKayUSA) July 5, 2025'@elonmusk you need to rethink this one,' one user pleaded. 'All you can hope to accomplish is to hand power over to democrats for decades with a successful 3rd party.' @elonmusk you need to rethink this one. All you can hope to accomplish is to hand power over to democrats for decades with a successful 3rd party. — @CharlesleeTX1911 (@Charles07788205) July 5, 2025An angry user directly challenged Musk's character: 'Has anyone thought about the fact that Elon Musk turned his back on someone he called a friend because things weren't going his way? This is the kind of person you want to get behind?' Has anyone thought about the fact that Elon Musk turned his back on someone he called a friend because things weren't going his way? This is the kind of person you want to get behind? — Fist Punch Skull (@FistPunchSkull) July 5, 2025'This will fracture the right and split the vote. I'm against this, and so should you,' another user declared. This will fracture the right and split the vote. I am against this, and so should you. — Michael Entropy — x/acc (@TimeInvarianceX) July 5, 2025'I hope you know what you're doing, Elon, because if you don't, you're about to hand over the Democrats to Congress, and then we'll be completely out of options,' another user cautioned. I hope you know what you're doing Elon, because if you don't, you're about to hand the Democrats Congress, and then we will be completely out of options. — Walter Curt (@WCdispatch_) July 5, 2025Conversely, other users, many of them avid fans of the billionaire, seemed amused by the announcement, which did not appear to surprise them. 'You do throw a decent party 🎉😂,' joked Jason Calacanis, a well known tech investor and friend of Musk. You do throw a decent party 🎉😂 — @jason (@Jason) July 5, 2025'Good split the GOP vote,' rejoiced another user, while another enthusiastically proclaimed, 'Rest in Peace to the Republican Party!' Good split the GOP vote — Alex Cole (@acnewsitics) July 5, 2025Prominent political scientist Ian Bremmer commented simply, 'The people have spoken.' Another user expressed confidence in Musk's judgment: 'Your instincts have a good track record. I hope they are correct once again.' the people have spoken — ian bremmer (@ianbremmer) July 5, 2025Musk remains convinced that neither the Republicans, who currently control the government, nor the Democratic opposition adequately represent a significant portion of Americans. He appears confident that the political environment is favorable for a new movement. Data from a 2024 Gallup study suggests broad dissatisfaction with the two major parties: 43% of Americans identified as independents, while only 28% identified as Republican and 28% as Democrat. With a net worth estimated at $361 billion by the Bloomberg Billionaire Index as of July 4, Musk certainly possesses the financial capacity to pursue his ambitious political endeavor.
