Japan’s lead trade negotiator has said that the US has promised to fix an “extremely regrettable” oversight to ensure that the country’s biggest companies do not face tariffs in excess of those agreed between the sides last month.
Ryosei Akazawa said that the US had promised to avoid “stacking” the tariffs — which would add the 15 per cent levy agreed between Washington and Tokyo on top of existing charges — and refunding companies that had already been overcharged.
Japan had believed its exports to the US would be charged a maximum of 15 per cent if pre-existing tariffs on goods were below that rate, and would not face additional levies on goods taxed at higher levels.
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