The U.S. tariff big stick hits the head of allies, Japan is anxious: Where is the "get-out-of-jail-free card" we spent 550 billion on?

As the new round of U.S. tariff measures is about to take effect, Japanese Minister of Economy, Trade and Industry Ryosei Akazawa warned Howard Lutnick, the U.S. Secretary of Commerce, during a telephone call on Monday that any tariff measures should not put Japan in a worse position than the U.S.-Japan trade agreement reached last year. According to a statement released by the Japanese Ministry of Economy, Trade and Industry, Akazawa and Lutnick had a 40-minute phone call on Monday evening. Both sides agreed that Japan and the U.S. will work closely together to ensure that projects as part of the $550 billion investment mechanism can proceed quickly and smoothly. The statement said: "Minister Akazawa also stated that as the U.S. government launches new tariff measures, Japan's position should not be inferior to that under the U.S.-Japan agreement reached last year." The agreement refers to Japan's agreement to establish a $550 billion investment tool in exchange for the U.S. reducing the tariff on Japanese car imports from 27.5% to 15%. This statement indicates that almost a year has passed since Trump began threatening various tariffs shortly after taking office in January 2025, and the chaotic situation surrounding U.S. trade policy continues. Last Friday, after the Supreme Court rejected Trump's so-called "equivalent tariffs" as illegal, a White House briefing paper showed that the government would begin imposing a 10% tariff on Tuesday morning. Trump then threatened to raise the rate to 15%. At first glance, the latest move by the White House is unlikely to lead to more stringent conditions for Japan, as Japanese products are already subject to a 15% U.S. import tariff. Minoru Kihara, Chief Cabinet Secretary of Japan, said in a regular press conference on Tuesday: "We will continue to steadily and earnestly implement the trade agreement and seek for the U.S. to do the same." He added that the government will closely monitor further developments and any impact on existing trade agreements. The first batch of investment projects announced by Trump last week include a data infrastructure project, a deep-sea oil terminal, and a synthetic diamond manufacturing facility for semiconductors. All projects announced so far are located within the U.S. The statement said: "Both sides reiterated their commitment to swiftly and sincerely implement the agreed trade agreement." Former Defense Minister and current Chairman of the Liberal Democratic Party Tax Investigation Committee Itsunori Onodera said in a live broadcast show on Sunday that the U.S. tariff situation is "a mess." However, he ruled out the possibility of Japan seeking to renegotiate the agreement. He pointed out that the core of last year's trade negotiations was to lower car tariffs - which are Japan's largest export source and a key area for employment and investment. Itsunori Onodera stated: "For Japan, the priority at that time was cars, but these car tariffs are not covered by the Supreme Court ruling. If we try to renegotiate the agreement and start to see consequences, it would be unfavorable." He added that any renegotiation would require "thorough and careful discussion."