U.S. President Donald Trump said Monday he expects to get the trade gap "straightened out rapidly," adding that announcements on that could come as soon as August.
Trump was speaking ahead of his meeting with Japanese Prime Minister Shinzo Abe in Tokyo, as the American president embarked on a state visit amid looming trade issues between the two countries.
According to the U.S. Trade Representative, the U.S. had a deficit of $56.8 billion in goods and services with Japan in 2018.
Trump’s state visit comes amid tensions with car manufacturer Toyota (NYSE:TM) over potential auto tariffs. Trump has repeatedly threatened Japanese and European car makers with tariffs.
But in March, Trump delayed a decision on car levies for up to six months and directed U.S. Trade Representative Robert Lighthizer to seek trade agreements with Tokyo and Brussels.
Still, the president ratcheted up pressure on Japan the first day he arrived, saying on Saturday that “Japan has had a substantial advantage for many, many years. ” He also called on Japanese businesses to invest more in the United States.
