With inflation creeping back into the US economy, it's as important as ever to have a firm grasp on Donald Trump's tariffs and what they mean.

On his own terms, it could now be said that the aggressive approach by the US President is yielding tangible results.

Japan's top tariff negotiator, Ryosei Akazawa, met with U.S. President Donald Trump at the White House on Tuesday, the Asahi newspaper reported on Wednesday.

Japan's embattled prime minister Shigeru Ishiba, fresh off a crushing defeat in upper house elections over the weekend, will not be in a position of strength to negotiate a favorable trade deal with the U.S., analysts said.

US President Donald Trump suggested that he would not go below 15% as he sets so-called reciprocal tariff rates ahead of an Aug. 1 deadline, an indication that the floor for the increased levies was rising.

Japanese Prime Minister Shigeru Ishiba is planning to decide on his future after assessing progress in tariff negotiations with the United States, Yomiuri newspaper reported on Wednesday.

President Trump set a new rhetorical floor for tariffs on Wednesday night, suggesting his administration is aiming to make 15% a new minimum rate for tariffs worldwide.