Japanese Minister of Economy, Trade and Industry, Ryosei Akazawa [AFP Yonhap News]

Japanese Minister of Economy, Trade and Industry, Ryosei Akazawa, spoke with U.S. Secretary of Commerce, Howard Rutnik, on the evening of the 23rd, requesting that the U.S. government's new tariff measures not be disadvantageous to Japan compared to existing U.S.-Japan agreements.

According to the Ministry of Economy, Trade and Industry on the 24th, Minister Akazawa conveyed these sentiments during a phone call with Secretary Rutnik that lasted approximately 40 minutes, starting at 10:30 PM the previous day.

Both sides also reaffirmed their commitment to faithfully and swiftly implement the agreements concluded last year.

They expressed welcome for the recent official announcement of three projects as the first phase of the $550 billion (approximately 795 trillion won) investment agreement with the U.S., including gas-fired power generation, maintenance of crude oil export infrastructure, and synthetic diamond manufacturing, and agreed to cooperate closely to ensure the smooth progress of these projects.

Chief Cabinet Secretary Minoru Kihara stated at a regular press conference on the same day regarding investments in the U.S. based on the trade agreement, "We intend to continue to steadily implement the agreement and, at the same time, will also urge the United States to implement the agreement."

He added, "The agreements, including investments in the U.S., lead to mutual benefit between the two countries, ensuring economic security, and promoting economic growth."

Prime Minister Sanae Takaichi stated in the House of Representatives (Lower House) regarding the U.S. tariff measures, "We will continue to communicate with the U.S. side going forward," according to Kyodo News.

President Trump announced on the 20th (local time), following the Supreme Court's ruling on the illegality of reciprocal tariffs, that he would impose new global tariffs based on Section 122 of the Trade Act.

Initially, he announced on the 20th that a 10% tariff would be imposed and even issued a proclamation, but on the 21st, he stated it would be raised to 15%.

However, the timing for raising the tariffs to 15% has not yet been decided, and therefore, a 10% global tariff was imposed for the time being on that day.

The existing reciprocal tariffs imposed by the United States on Japanese products were originally 15%. The U.S. had applied a special provision where Japanese products with tariffs not exceeding 15% would be subject to tariffs only up to 15%, and goods with tariffs exceeding 15% would not incur additional tariffs.

However, NHK explained that global tariffs do not have the same special provisions as existing reciprocal tariffs, which could lead to a uniform increase in tariffs. In this case, products that previously had tariffs exceeding 5% could have an additional 10-15 percentage points of global tariffs added, potentially exceeding 15-20%.

The Japanese government's request for the U.S. side to implement existing agreements is interpreted as an expression of its desire for continued application of special provisions and other benefits.