Japanese trade envoy Akazawa reckons he’s made progress in US trade talks (gets a refund!) | investingLive

Japanese trade envoy Ryosei Akazawa said the U.S. has agreed to correct a presidential order on tariffs and refund any excess duties collected in error. Speaking in Washington after talks with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent, Akazawa stressed there was no disagreement between the two countries over reciprocal tariffs.

Under the agreement, items previously taxed above 15% will now be capped at that rate, while those under 15% will be charged exactly 15%, including existing duties. Akazawa called it “extremely regrettable” that the original order failed to reflect the agreed terms, but said both U.S. officials expressed regret and pledged a timely correction.

Once amended, a new order will formalise the tariff rates agreed in July, including cutting U.S. auto tariffs from 27.5% to 15%.