“Formalizing the Agreement’: The EU is Complete, Japan is Pushing Forward Late”

Japan is working on drafting a joint document with the United States regarding a $550 billion investment commitment, as per a report by Nikkei on the 27th. This comes after the U.S. and EU formalized their tariff agreement with a joint statement. Japan’s position shifted in response to U.S. demands, although Japan intends to ensure that the document isn’t legally binding. Akazawa Ryosei, Japan’s Minister for Economic Revitalization, plans to visit the U.S. to discuss the details and will urge President Trump to sign an executive order related to the tariff agreement. While both countries agreed in July to lower mutual tariff rates to 15%, the special measures to apply a flat 15% tariff, rather than an additional 15% on existing tariffs, have yet to take effect. Meanwhile, the U.S. and EU released a joint statement detailing their 15% tariff agreement, which includes conditions such as the EU implementing certain legislative measures and expanding low-tariff quotas for some U.S. products.