On May 3, the U.S. Treasury Department issued a statement on Friday local time, stating that senior officials from the U.S. and Japan agreed to immediately begin working-level consultations based on the current discussions, and to hold more ministerial meetings in the near future. The statement noted that U.S. Treasury Secretary Janet Yellen, U.S. Commerce Secretary Gina Raimondo, and U.S. Trade Representative Katherine Tai met with Japan's Minister of Economic Revitalization, Daishiro Yamagiwa, on Thursday local time. The two sides had candid and constructive discussions on fair and reciprocal trade. During the meeting, Yellen emphasized to Yamagiwa the importance of tariffs and non-tariff measures, economic security as a national security concern, and other issues of concern.