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President Trump and Japanese Prime Minister Shinzo Abe. Photo by Kimimasa Mayama — Pool/Getty Images

President Trump tweeted after meeting with Japanese Prime Minister Shinzo Abe in Tokyo Sunday that the U.S. and Japan are making "great progress" in trade negotiations. But he played down expectations of striking a deal during his visit to the Asian country.

"Great progress being made in our Trade Negotiations with Japan. Agriculture and beef heavily in play. Much will wait until after their July elections where I anticipate big numbers!"
— President Trump

The big picture: There were rallies for and against Trump on the first day of his 4-day visit to Japan, during which the president, first lady Melania Trump, Abe and his wife, Akie Abe, joined about 11,500 people at a sumo wrestling championship in Tokyo.

A sumo battle during the Summer Grand Sumo Tournament in Tokyo on Sunday. Photo: Brendan Smialowski/AFP/Getty Images
Trump with sumo wrestler Asanoyama in Tokyo. Photo: Brendan Smialowski/AFP/Getty Images
First lady Melania Trump at the Mori Building Digital Art Museum, with Abe's wife, Akie Abe, in Tokyo. Photo: Charly Triballeau/AFP/Getty Images
Akie Abe and Melania Trump at the Mori Building Digital Art Museum. Photo: Pierre Emmanuel Deletree — Pool/Getty Images
Demonstrators protest Japan's monarchy and Trump in Tokyo. Photo: Carl Court/Getty Images
Supporters near Ryogoku Kokugikan Stadium, where the sumo contest is held. Photo: Brendan Smialowski/AFP/Getty Images
A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

Go deeper: Reality check: Trump claims he can strike a trade deal with Japan by May

Go deeper

40 mins ago - Politics & Policy

Scoop: Biden plan expected to include at least $500B for climate

Photo: Stephanie Keith/Bloomberg via Getty Images

The White House is privately telling lawmakers the climate portion of President Biden's roughly $2 trillion social spending plan is "mostly settled" and will likely cost more than $500 billion, two sources familiar with the talks tell Axios.

Why it matters: A pricetag of $500-555 billion is a huge number and, if it holds, would likely be the single biggest component of the sweeping package. It also isn't far off from the roughly $600 billion proposed when the bill was expected to cost $3.5 trillion.

47 mins ago - World

U.S. presses Gulf countries to help resolve Sudan coup crisis

Jake Sullivan briefs the press. Photo: Chip Somodevilla/Getty

The Biden administration has asked its partners in the Gulf and elsewhere to press the Sudanese generals who carried out a coup on Monday to release captives including Prime Minister Abdallah Hamdok and to reinstate the civilian government, White House National Security Adviser Jake Sullivan said in a press briefing on Tuesday.

Why it matters: The U.S. has limited influence over coup leader Gen. Abdul Fattah al-Burhan and other military leaders, many of whom have close ties to Saudi Arabia and the United Arab Emirates.

Higher prices are the new norm, with no end in sight

Illustration: Aïda Amer/Axios

Companies are making money at record rates thanks in part to customers who are willing to pay higher prices.

Why it matters: In order to keeping that corporate profitability streak going, shoppers should expect sticker prices to stay high or become more expensive well into 2022. Fewer promotions and shallower discounts will also become the norm as inventory levels remain low.