TOKYO (Reuters) -Japan's leading trade negotiator said on Tuesday that the trade deal Tokyo agreed with the United States last week guarantees Japan will always receive the lowest tariff rate on chips and pharmaceuticals of all the pacts negotiated by Washington.

The Bank of Japan is expected to hold rates steady during a two-day policy meeting that starts Wednesday. Although Japan and the United States achieved a breakthrough in trade talks last week, analysts said the central bank will likely maintain its cautious stance for some more time.

But his tariffs threaten to tarnish it. Commerce Secretary Howard Lutnick declared on Tuesday that everything is hunky-dory with President Donald Trump’s Friday tariff deadline. “August 1 is the date that we’re setting all these rates,

Jonathan Cohn and economist Jason Furman discuss the impact of Trump’s tariffs, the shift to higher trade barriers, and their economic consequences for the U.S.

With tariffs increasing costs of Uwajimaya's importers, it is a matter of time before the impact is "felt by everyone," said CEO Denise Moriguchi.

Japanese trade minister Muto Yoji says Tokyo and Washington need to act swiftly to implement their recent tariff deal.

Devoted fans of Asian cosmetics will often buy direct from Asia and wait weeks for their packages to arrive because the products typically cost less than they do in American stores. Rather than stocking up on their favorite sunscreens, lip tints and toners, some shoppers are taking a pause due to the tariff uncertainty.