Japan Must Correct Trump’s False Data for Trade Talks, Kono Says - Bloomberg

Before Japan can proceed with trade talks with Washington, authorities must first correct several misunderstandings held by President Donald Trump, former foreign minister and previous digital transformation minister Kono Taro said Wednesday. “President Trump could flip according to how the market reacts to it and what he’s quoting, the facts, numbers, are quite wrong. So we need to first correct his misunderstanding to put our proposal on the table,” Kono said in an interview with Shery Ahn on Bloomberg TV. Kono prefers that his name be written Japanese style, with his family name first.

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In the ongoing saga of US trade policy, Japan is at the forefront of negotiations to avoid President Donald Trump's threatened tariffs. Former Foreign Minister and Digital Transformation Minister Kono Taro has emphasized the need to address several misunderstandings held by President Trump before meaningful trade talks can commence. Kono's comments, made during an interview with Shery Ahn on Bloomberg TV, underscore the importance of factual accuracy in international trade negotiations.

Kono Taro stated, "President Trump could flip according to how the market reacts to it and what he’s quoting, the facts, numbers, are quite wrong. So we need to first correct his misunderstanding to put our proposal on the table." This indicates a critical first step for Japan in the trade talks, which are being closely watched as a test case for other nations uncertain about the concessions Trump will seek.

The US and Japan have already made significant progress in their negotiations, with Trump stating that "big progress" was made in a recent meeting with Japanese officials [1]. The talks, led by the US Treasury and Commerce Departments, are being conducted with the aim of avoiding a 24% tariff on Japanese imports, which was initially imposed but later paused [1].

However, there remain significant differences between the two nations' positions. Japanese Prime Minister Shigeru Ishiba has acknowledged a "gap" in the US and Japanese positions, indicating that further negotiations are necessary [3]. Ishiba has also hinted at a potential visit to the White House to finalize the trade deal, which could be the first major bilateral pact to avert Trump's tariffs [3].

The trade talks between the US and Japan are part of a broader effort by the Trump administration to negotiate deals with several key trading partners. Treasury Secretary Scott Bessent has said that talks are progressing with 14 of America’s top 15 trading partners, excluding China [3]. The trade deals would be a significant political achievement for Trump, who has long advocated for the restoration of tariffs to protect US manufacturing.

As the US and Japan move towards correcting misunderstandings and finalizing their trade deal, other nations are also actively negotiating with the US to avoid similar tariffs. South Korea, for instance, has announced trade talks with the US in the "2+2" format, involving the finance and trade ministers of both countries [2]. These talks are part of a broader effort by the Trump administration to apply economic pressure on China through collective efforts with US allies.

In conclusion, the path to a successful trade deal between the US and Japan involves addressing factual inaccuracies and misunderstandings. With both sides making progress, the potential for a significant bilateral pact remains high. As the negotiations continue, investors and financial professionals should closely monitor the developments, as they could have a substantial impact on global trade dynamics.

References:

[1] https://www.cnbctv18.com/world/donald-trump-says-big-progress-made-in-japan-talks-on-tariff-deal-19590056.htm
[2] https://www.agenzianova.com/en/news/south-korea-usa-premier-han-announces-trade-talks-22-in-washington-thursday/
[3] https://nypost.com/2025/04/17/us-news/second-round-of-trump-japan-trade-talks-expected-this-month-with-pm-visit-possible-to-seal-deal/