Bessent to visit Japan for World Expo in Osaka, possibly next week
Without providing further details, the Treasury Department official disclosed Bessent's planned visit on condition of anonymity. The United States will mark its national day, featuring a range of entertaining programs, on July 19 at the expo.
Bessent is a key figure in the ongoing U.S. tariff negotiations with Japan. His plan became known a day after President Donald Trump said the United States will impose a 25 percent tariff on imports from Japan starting Aug. 1.
As the bilateral talks appear to be stalled, it remains unclear whether Bessent will meet with Japan's chief tariff negotiator, Ryosei Akazawa, or other officials while in the country.
The visit will be Bessent's first to Japan since Trump returned to the White House in January for his nonconsecutive second presidency.
Japan and the United States have had in-person ministerial negotiations over Trump's latest tariff regime seven times. For every round of meetings, Akazawa has traveled to Washington.
Given the planned trip, Bessent will likely skip a meeting of Group of 20 finance ministers and central bank governors in South Africa next week.
In a letter addressed to Japanese Prime Minister Shigeru Ishiba and posted in full on social media on Monday, Trump said, "Please understand that the 25% number is far less than what is needed to eliminate the Trade Deficit disparity we have with your Country."
The tariff rate is 1 percentage point higher than what Trump initially unveiled on April 2, prompting Ishiba to call the president's move "truly regrettable."
The 25 percent rate was announced before the expiration, originally set for Wednesday, of his 90-day pause on country-specific tariffs, targeting dozens of trading partners.
Along with Japan, Trump notified 13 other countries, including Indonesia, Thailand and South Korea, of new tariff rates via letters. At the same time, he extended the pause to Aug. 1 and urged the 14 countries to compromise before the new tariffs take effect.
During a Cabinet meeting on Tuesday, Trump said "tremendous amounts of money" had already started flowing into the United States as a result of his tariff strategy.
"We never did that before. We're not used to it," he said. "The big money will start coming in on August 1st."
Following Japan's receipt of the tariff letter, Akazawa, the country's minister for economic revitalization, spoke to Bessent by phone for about 30 minutes. The Japanese government said Akazawa and Bessent agreed to continue "vigorous consultations" between the two countries.
Akazawa spoke separately with Commerce Secretary Howard Lutnick, during which they also agreed to advance the ongoing talks, according to the government.
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