In a readout issued a day after the bilateral meeting in Washington with Japanese finance minister Katsunobu Kato, the treasury said Bessent “welcomed the strong start the two countries have made to bilateral trade discussions”.

The treasury also said that tariff negotiations on Thursday with South Korea were aimed at finding a new equilibrium that encourages more trade between the two allies rather than restricting it.

During a meeting on Thursday between Bessent, US trade representative Jamieson Greer, South Korean finance minister Choi Sang-mok and South Korean trade minister Ahn Duk-geun, the officials agreed to “further productive discussions, including on currency policy”, the treasury said in a separate statement.

“Secretary Bessent was encouraged by their discussions’ focus on an expanded equilibrium which encourages rather than restricts trade,” the treasury said, adding that he welcomed South Korea’s “fast and positive engagement” with the US on tariffs.