U.S. President Donald Trump said the United States could conclude a trade pact with India but cast doubt on reaching an accord with Japan, warning that Japanese goods could face tariffs of 30% to 35% if no agreement is sealed before the 9 July deadline. The threat goes well beyond the 24% duty he unveiled in April and then put on hold, and marks the third straight day of sharply critical remarks aimed at Tokyo. Japanese Prime Minister Shigeru Ishiba responded that he would "protect national interests" and stressed that Japan is the largest foreign investor and job creator in the United States. Chief negotiator Ryosei Akazawa confirmed that staff-level talks continued on 30 June and said he was prepared to return to Washington as early as this weekend, while cautioning that Japan would not accept a hastily arranged deal that harmed its industries. Financial markets took notice: the Nikkei 225 fell more than 500 points at one stage on Wednesday as investors weighed the risk of steep U.S. duties on autos and other exports. Business leaders warned that higher tariffs could dent corporate earnings and undermine an economy already grappling with inflation and stagnant wage growth. Tokyo and Washington have been negotiating since April to secure exemptions from U.S. automotive tariffs and expand Japanese purchases of American farm products, including rice. The renewed pressure comes just ahead of Japan’s 20 July upper-house election, adding political urgency for Ishiba’s government while giving Trump fresh leverage in the closing stretch of talks.