Trump Says Japan Agrees To 15pct reciprocal Tariff Under "Massive" Deal
WASHINGTON, July 23 (Bernama-Kyodo) -- United States (US) President Donald Trump said Tuesday that he has struck a "massive" trade deal with Japan, under which the Asian country has agreed to a so-called reciprocal tariff of 15 per cent, Kyodo News reported.
Japan has secured concessions as well, with the Trump administration halving its additional 25 per cent auto tariff for cars from the Asian country.
"There has never been anything like it," Trump said on social media, adding that Japan will open its markets for cars, trucks, rice, certain farm products and other goods.
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The announcement was made after Japan's top tariff negotiator, Ryosei Akazawa, met with Trump at the White House. Akazawa arrived in Washington on Monday for his eighth round of in-person negotiations with US Cabinet members.
Japan was set to face a country-specific duty of 25 per cent on its goods if a deal had not been struck with the Trump administration by Aug 1, when a pause on Trump's reciprocal tariffs, targeting dozens of major US trading partners, is due to expire.
Trump said, "at my direction", Japan will invest US$550 billion in the United States under the deal.
"This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan," Trump wrote on his Truth Social platform.
Trump later said at an event at the White House that he "just signed the largest trade deal in history" with Japan, adding the two countries will form a joint venture for liquified natural gas in Alaska.
In the weeks leading up to Tuesday's agreement, Trump indicated that striking a deal with Japan before the Aug 1 deadline would be difficult. He intensified pressure by repeating his frequent accusation that the key US ally had been reluctant to import American cars and agricultural products.
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