Japan, US explore possibility of trade deal

Japan and the US on Friday explored the possibility of a trade agreement, Japan's top tariff negotiator, Ryosei Akazawa, told a briefing, while refraining from commenting how close they are to reaching a deal, reports Reuters.

"We had a very detailed exchange and explored the possibility of a trade agreement," Akazawa told reporters after he met with U.S. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick separately in Washington in a sixth round of tariff negotiations.

It is likely to be the last round before Prime Minister Shigeru Ishiba and US President Donald Trump are to meet in Canada on the sidelines of the Group of Seven leaders' summit, where Japan has been hoping to clinch a deal.

Akazawa refrained from commenting on whether the talks have matured enough to reach an agreement, saying a deal is possible only when the leaders of both countries approve everything as a package.

He also declined to comment on the chance of Ishiba and Trump reaching an agreement at their upcoming meeting.

Japan faces a 24 per cent tariff rate starting in July unless it can negotiate a deal with the US. It is also scrambling to find ways to get Washington to exempt its automakers from 25 per cent tariffs on automobiles, Japan's biggest industry.