There was a report in the FT last week indicating that US-Japan trade negotiations were on hold and would likely stay that way through the July Japanese elections. Kowtowing to the US ahead of July elections would be deeply unpopular in Japan and it looks like they're going to punt until afterwards, even at the risk of rising reciprocal tariffs.
Fox Business' Charlie Gasparino has repeatedly said a Japan agreement was close but now he's reporting that's not the case.
Ultimately, there might be a deal to be made around military spending and investment in Alaska LNG but it's tough to get there unless the US is willing to take tariffs to zero. There was also an interesting report this weekend via Bloomberg suggesting that China got a better deal by punching back and that could be the playbook now.
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