Japanese Trade Minister Yoji Muto is set to meet with U.S. Commerce Secretary Howard Lutnick to discuss proposed tariffs that could significantly impact Japanese exports, especially automobiles, ahead of the U.S. enforcing a 25% tariff on certain imports.

Treasury Secretary Scott Bessent stated that the upcoming tariffs proposed by President Trump are unlikely to increase inflation as China is expected to absorb the costs. He emphasized ongoing trade negotiations with Mexico and Canada while noting China's potential for retaliation.