United States Senator Bill Hagerty, a member of the Senate Foreign Relations Committee and former U.S. Ambassador to Japan, recently appeared on BloombergTV’s Open Interest to discuss various topics, including President Donald Trump’s new trade agreement with Japan. During the interview, Hagerty highlighted the importance of the deal, stating, “I think this is putting us on a completely new playing field with our allies in Japan.”
Hagerty also addressed the challenges faced in negotiating access for U.S. rice into Japan. He noted that while negotiations have been tough due to cultural sensitivities around rice in Japan, he believes the deal will be welcomed by the Japanese public.
Discussing implications for China, Hagerty remarked, “This [deal] absolutely makes a huge difference with respect to China,” emphasizing how it strengthens economic opportunities for the United States and its allies.
Regarding future trade benchmarks, Hagerty indicated that while people might assume new tariff levels will become standard, each deal remains unique. He praised Ambassador Greer and Secretaries Bessent and Lutnick for their efforts in negotiating these agreements.
On finalizing trade agreements before August 1st, Hagerty expressed optimism about setting broad terms with significant trading partners but acknowledged not all agreements would be finalized by then.
Addressing Senate matters like recesses and nominee backlogs, Hagerty attributed delays to procedural resistance from Democrats led by Senator Chuck Schumer. He stressed the importance of government functionality and addressing such resistance.
Finally, on appropriations and potential government shutdowns, Hagerty urged cooperation to avoid last-minute negotiations leading to shutdown risks. He emphasized efforts to responsibly manage appropriations bills ahead of deadlines.
Hagerty also discussed progress on digital asset legislation through his GENIUS Act and expressed enthusiasm for advancing market structure legislation this fall.
