Shigeru Ishiba denied he had decided to quit after a source and media reports said he planned to announce his resignation to take responsibility for a bruising upper house election defeat.

The 15% tax is a meaningful drop from the 25% rate that Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting Aug. 1.

Japanese PM Shigeru Ishiba's political future hinges on tariff negotiations following a trade deal announced by Trump. Ishiba plans to assess the agreement's impact before deciding on his position, amid declining support and pressure from his party after recent electoral losses.