A mutually beneficial U.S.-Japan tariff agreement is still possible, Treasury Secretary Scott Bessent said on Friday after meeting Japanese Prime Minister Shigeru Ishiba in Tokyo.

Wall Street inched to another record following some mixed profit reports, as General Motors and other big U.S. companies gave updates on how much President Donald Trump’s tariffs are hurting or helpin

General Motors and other U.S. companies give updates on how much President Trump’s tariffs are impacting them.

TOKYO, July 17 (Reuters) - Japan's top trade negotiator Ryosei Akazawa held talks with U.S. Commerce Secretary Howard Lutnick on U.S. tariffs on Thursday, as Tokyo races to avert a 25% levy that will be imposed unless a deal is clinched by an August 1 deadline.

Japan’s Prime Minister Shigeru Ishiba faces an increasingly uphill battle in Sunday’s upper house election, and a loss could worsen political instability at a time of daunting challenges, such as rising prices and high U.

Unlike the European Union, the Japanese government has made no indication it plans to impose any kind of reciprocal tariff on the U.S.

Exports fell for a second straight month in June, fueling fears that U.S. tariffs will halt Japan’s economic recovery and complicate the central bank’s policy plans.

Japan's top tariff negotiator, Ryosei Akazawa, said on Saturday he planned to visit Washington next week to hold further ministerial-level talks with the U.S.

The U.S. will impose tariffs of 25% on Japan and South Korea beginning on Aug. 1, President Donald Trump announced on Monday in posts on Truth Social.

Japan protects domestic production of rice, its staple grain, with a tariff of about $2.38 per kilogram on imports beyond a tax-free quota of roughly 770,000 tons.

Japan’s ruling coalition is on track to lose its majority in the upper house, according to exit polls from Sunday’s election cited by Reuters. The development could spell heightened political instability just as the country nears a critical trade deadline with the United States.