U.S. President Donald Trump welcomed Japanese Prime Minister Shigeru Ishiba at the White House on Friday and said the two countries would work to cut Washington's trade deficit with Tokyo amid escalating trade tensions threatening to rupture the global economy.

Japanese Prime Minister Shigeru Ishiba and US President Donald Trump struck a warm tone at their first meeting on Friday, with Tokyo avoiding tariffs – for now.

U.S. President Donald Trump said on Friday that he wants to work on reducing the trade deficit with Japan, as he met with Japanese Prime Minister Shigeru Ishiba at the White House.

The 2024 deficit was a record $1.2 trillion, marking the fourth consecutive trade deficit above $1 trillion and the sixth increase in the last eight years.

The two leaders pledged to pursue a 'new golden age' of U.S.-Japan relations — though Ishiba did get an earful about America's trade deficit with its ally.

President Donald Trump has repeatedly criticized the nation’s trade deficit, which the Commerce Department reported Wednesday reached a new record high.

The U.S. trade deficit widened sharply in December as imports surged to a record high against the backdrop of tariff threats, which might have prompted businesses to rush purchases of foreign-made goods like finished metals and computers.