U S President Donald Trump has threatened to impose a "30% or 35%" tariff on Japan if a deal between the two countries is not reached before a deadline next week. That would be well above the 24% tariff Japan was hit with as part of Trump's so-called "Liberation Day" on 2 April, when he announced steep import duties on countries around the world.

Also in today’s newsletter, Standard Chartered hit with $2.7bn lawsuit over 1MDB scandal and Trump’s tax bill passes the Senate

President Donald Trump is threatening to impose higher tariffs on Japanese exports to the United States over what he claims is the country’s unwillingness to buy American-grown rice.