Lower US tariffs on Japan to take effect by September 16

Akazawa, Japan's chief negotiator in tariff talks with the United States, announced the prospect at a press conference.

"This is not the end of the negotiations," Japanese Prime Minister Shigeru Ishiba said at a meeting of the government's headquarters on measures related to the U.S. tariffs.

"It is necessary to ensure that the (Japan-U.S.) agreement will be implemented and to respond immediately if new concerns arise," he added.

At the day's meeting, Akazawa reported achievements from his latest visit to Washington, such as an executive order signed by President Donald Trump, a joint statement released by the Japanese and U.S. governments and a memorandum on Japanese investments in the United States.

He also explained progress on support for Japanese businesses, including financial aid.

Ishiba instructed relevant ministers to "take all possible measures to minimize the impact on industry and employment."

As a reason for presenting the prospect, Akazawa cited the U.S. government's advance publication on Tuesday local time of an executive order on its official website, which is scheduled to be formally announced.

The executive order stipulates that a procedure for tariff revisions will be carried out within seven days after publication in the official gazette.

The U.S. side will lower its tariff rate on Japanese automobiles, which has risen to 27.5 pct since April, to 15 pct.

Regarding reciprocal tariffs, the U.S side will correct its measure, introduced in August in defiance of a bilateral agreement reached in July, to add a 15 pct additional tariff on products subject to the existing tariff of 15 pct or higher.

Even after the executive order comes into force, many Japanese items will be taxed at a higher rate than before the series of negotiations on Trump tariffs.

Therefore, the Japanese government's response will be the focus of attention from now on.