• Japan's chief trade negotiator reports progress in tariff discussions with the US.
• No formal agreement has been reached, but talks continue ahead of the G7 summit.
• Japan faces a potential 24% tariff rate starting in July if negotiations fail.
• Tariffs on autos and steel have significant economic consequences for Japan.
• Negotiations include discussions on strengthening economic cooperation and trade standards.

Japan's chief tariff negotiator, Ryosei Akazawa, announced that progress has been made in the latest round of trade talks with U.S. officials, which aim to address tariffs that have adversely affected Japan's economy. Akazawa specifically noted, "Tariffs have already been imposed on autos, auto parts, steel and aluminum," leading to substantial daily losses for Japan. Despite confirming progress, he stated that no agreement has yet been reached, reflecting ongoing negotiation challenges, according to Reuters and Channel News Asia.

The latest round of discussions, which may be the last in-person meetings before the upcoming G7 summit on June 15, highlighted Japan's urgency in pursuing an agreement. Akazawa mentioned, "We want an agreement as soon as possible," emphasizing the importance of demonstrating progress to leaders at the summit, where U.S. President Donald Trump and Japanese Prime Minister Shigeru Ishiba are expected to meet. The talks are particularly pressing as Japan faces a significant 24% tariff if a deal isn't reached, according to South China Morning Post and The Jakarta Post.

Additionally, Akazawa has mentioned that Japan's proposals include a mechanism to adjust the auto tariff based on contributions to the U.S. auto industry and potential trade-offs such as agricultural imports and defense cooperation. Despite these discussions, the consistent position from Tokyo remains firm against the tariffs currently imposed by Washington. As Akazawa noted, "We've not been able to find a point of agreement yet," reflecting the complexities involved in achieving a mutually beneficial outcome, according to TRT Global and Anadolu Agency.