preCharge News POLITICS — Japanese Prime Minister Shigeru Ishiba and U.S. President Donald Trump did not reach an agreement on trade, with key issues remaining unresolved, Reuters reported Tuesday.

“We’ve been exploring the possibility of a deal down the wire, but there are still points where our views remain divided,” the Japanese leader told reporters on the sidelines of G7 summit in Canada.

Japan faces a 25% levy on its cars and auto parts and a 50% tariff on steel and aluminum. A 10% baseline tariff on all its goods is also set to rise to 24% unless a trade deal is reached before the July 9 deadline.

Optimistic that Japan’s services sector will continue to bolster the economy, analysts at Nomura expect the annual growth to take a hit of up to 0.3 percentage point, shrugging off the possibility of the country slipping into a recession.

The investment bank expects the economy to grow an annualized 0.5% this year.

現地時間の本日午後、#G7カナナスキス・サミット の会場で、#石破総理 と #トランプ大統領 の #日米首脳会談 に同席。両首脳が赤沢が担当する関税についても率直な意見交換。 pic.twitter.com/HooYZuSEOr

— 赤沢りょうせい (@ryosei_akazawa) June 16, 2025

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Associated Press, CNBC News, Fox News, and preCharge News contributed to this report.