Washington: Japanese Economic Revitalization Minister Ryosei Akazawa announced on Thursday that US officials have pledged to amend the executive order concerning reciprocal tariffs "in a timely way." This assurance was given during Akazawa's visit to Washington where he engaged in discussions with high-ranking US officials.

According to Philippines News Agency, Minister Akazawa expressed his disappointment regarding the imposition of an additional 15 percent reciprocal tariff on Japanese goods. He described the move as "extremely regrettable," emphasizing the negative impact it has on the trade relations between the two countries.

In meetings with US Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent, Akazawa was informed that the US would refund any tariffs collected in excess of the agreed rate. These refunds would be retroactive, starting from the day the tariffs were imposed.

The discussions also covered the amendment of the executive order on reciprocal tariffs. It was confirmed that changes would coincide with the issuance of a separate order aimed at reducing US tariffs on Japanese vehicles and auto parts from 27.5 percent to 15 percent.

Akazawa highlighted the US's acknowledgment of the procedural misalignment of the executive order on reciprocal tariffs with the existing Japan-US trade agreement, noting the regret expressed by US officials regarding the oversight.