From the Overview: "In April 2019, the United States and Japan held their first round of negotiations toward a new bilateral trade agreement. The Trump Administration is pursuing the talks with Japan under U.S. Trade Promotion Authority (TPA) procedures, potentially allowing for expedited legislative consideration of a concluded agreement. As the fourth-largest U.S. trade partner, Japan is a long-standing U.S. priority for trade negotiations, in particular following the 2017 U.S. withdrawal from the proposed Trans-Pacific Partnership (TPP), which included Japan. The two parties continue to negotiate on the precise scope of the talks, but both sides appear to prioritize quick results over a more comprehensive negotiation. Key issues are likely to include trade commitments on motor vehicles, agricultural goods, and services, as well as areas where the two nations have largely similar goals, such as digital trade. Currency commitments are a priority among some U.S. stakeholders, but Japan opposes including them in the trade talks."
CRS In Focus, IF11120
Congressional Research Service: https://crsreports.congress.gov/