Ministerial level trade talks between Japan and the U.S. are set to take place later this week– marking the third round of high-level talks between the nations, Japan's Kyodo News agency reported on Tuesday.

Kyodo reported that Ryosei Akazawa, Japan's top trade negotiator and minister of economic revitalization, will fly to Washington by Friday to engage in a third round of high-level talks.

Kyodo cited comments from a U.S. official.

Separately, Akazawa said in a press conference on Tuesday that working level talks took place between Washington and Tokyo on Monday, and that high-level talks were yet to be scheduled.

But Akazawa flagged no changes in Japan's demand that the U.S. drop all of its trade tariffs against the country. While President Donald Trump's reciprocal tariffs are postponed until July, Japan still faces a 10% U.S. tariff, plus a 25% tariff on automobile shipments– the latter of which has been a major point of contention for Japan.

Amid fading hopes that a deal will be reached quickly, reports last week said that Japan may instead seek a lower rate of trade tariffs.

Reuters reported that Japan is considering several proposals to appease the U.S., including increased imports of corn and soy, revised standards for automobile imports, and collaboration in shipbuilding.

Japanese officials have also signaled openness to more collaboration over foreign exchange moves.

Japan was the first country to engage in high-level trade talks with the U.S. in April, after Trump unveiled plans for his reciprocal tariffs. Japan faces a 24% duty effective from July.

Source: Investing.com