Trump hails 'big progress' after jumping into Japan tariff talks

President Donald Trump said there was "big progress" when he made the surprise move on Wednesday to jump in on preliminary talks with a Japanese trade delegation in Washington about the barrage of tariffs he has imposed on global imports, Report informs via Reuters.

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.

"A Great Honor to have just met with the Japanese Delegation on Trade. Big Progress!" Trump said in a social media message that contained no details of the discussions.

Opposite Trump for Wednesday's talks was Ryosei Akazawa, a confidant of Japanese Prime Minister Shigeru Ishiba who only took up his first cabinet post late last year in the relatively junior position of economic revitalization minister.

Japan had not expected Trump to participate in what it viewed as a fact-finding mission, according to sources familiar with Tokyo's planning, and had been hoping to limit the scope of discussions to trade and investment matters.

Speaking to reporters after the talks, Akazawa gave few details 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."

Exchange rates, which the Trump administration has said Japan and others manipulate to get a trade advantage, were not part of the talks, he added.

The dollar strengthened against the yen after Akazawa's remarks on forex, up around 0.5% on the day. Tokyo denies it manipulates its yen currency lower to get make its exports cheaper.

US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer also participated alongside representatives of Japan's trade finance, foreign and trade ministries.

Japan's prime minister, who has previously said he won't rush to reach a deal and does not plan to make big concessions, sounded a more cautious tone speaking to reporters later in Tokyo.

"Of course, the negotiations will not be easy going forward, but President Trump has stated that he wants to give top priority to the talks with Japan," Ishiba said.

Italian Prime Minister Giorgia Meloni heads to the White House on Thursday to discuss tariffs imposed on the European Union with Trump, while Bessent has invited South Korea's finance minister to Washington for talks next week.