US Treasury Secretary Scott Bessent late Wednesday said late Monday that he has not yet received a trade offer from Japan. Nonetheless, Bessent expects Japan to be prioritized in negotiations due to their early approach, per Fox Business Network. 

Bessent emphasized that Japan’s non-tariff trade barriers are considerably high. However, he expressed optimism about the upcoming discussions.

Key quotes

Says he has not seen a trade offer from Japan.

Expects Japan to get priority in negotiations because they came forward early.

Japan’s non-tariff barriers are quite high.

We are at maximum tariff levels. 

It is my hope that through good negotiations, tariff levels will come down for countries that don’t retaliate.

Market reaction

At the time of writing, the USD/JPY pair is trading 0.02% lower on the day to trade at 147.80.  

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