TOKYO >> The Trump administration has agreed to correct an “extremely regrettable” blunder in the execution of its trade agreement with Japan, the country’s top trade negotiator said in Washington on Thursday.
In negotiations last month, Japanese officials believed they had secured a deal that, in return for pledges to invest hundreds of billions of dollars in the United States and open its market to more U.S. goods, would set a standard tariff rate of 15% for all of its products shipped to the United States.
In a July 31 executive order, the Trump administration outlined a similar scheme for the European Union. But Japan, along with other trade partners, was issued a new tariff rate that would be “stacked” on top of existing ones. In Japan’s case, that raised tariffs on items such as it