Japan is one of the first countries to formally kick off negotiations, an early test of Washington's willingness to cede ground on the duties that have roiled financial markets and stoked fear of recession.
Opposite Trump for Wednesday's talks was Ryosei Akazawa, an ally of Japanese Prime Minister Shigeru Ishiba who only took up his first cabinet post late last year in the relatively junior position of economic revitalisation minister.
Speaking to reporters after the talks, Akazawa gave little away about the details of the discussions but said the parties had agreed to hold a second meeting later this month and that Trump had said getting a deal with Japan was a “top priority”.
The dollar briefly strengthened as much as 0.54% against the yen after Akazawa's remarks on forex.
First mover advantage
Akazawa said he would not comment on the specifics of the negotiations but added that he strongly requested a revocation of the tariffs on Japan.
Bessent has said there is a “first mover advantage” given Washington has said more than 75 countries have requested talks since Trump announced sweeping duties on dozens of countries - both friend and foe - earlier this month.
Trump has long complained about the U.S. trade deficit with Japan and other countries, saying U.S. businesses have been disadvantaged by trade practices and intentional efforts by other countries to maintain weak currencies.
Bessent had previously said he is hoping to strike deals that would cover tariffs, non-tariff barriers and exchange rates, though Tokyo had lobbied to keep the latter separate.
Japan hopes that pledges to expand investment in the United States will help to convince the U.S. that the two countries can achieve a “win-win” situation without tariffs, Akazawa said ahead of his departure.
Bessent met Vietnam's deputy prime minister last week to discuss trade and has invited South Korea's finance minister to Washington for talks next week. Italian Prime Minister Giorgia Meloni will meet Trump at the White House on Thursday to discuss tariffs imposed on the European Union.
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