Trump announces trade deal with Japan that lowers threatened tariff
Under the new agreement, Trump said Japan would invest $550 billion in the US 'at my direction' and 'open' its economy to US rice and cars.
'This Deal will create Hundreds of Thousands of Jobs – There has never been anything like it,' Trump posted on Truth Social, adding that the United States 'will continue to always have a great relationship with the Country of Japan.'
Japanese Prime Minister Shigeru Ishiba welcomed the deal on Wednesday and said it would benefit both nations while strengthening bilateral cooperation. His ruling coalition had failed on Monday to secure a majority, but he said he would stay in office to avoid creating a political vacuum and to deal with looming US tariff threats.
Key details of the deal remain unclear, including whether Japanese-made cars would still be subject to the 25% tariff Trump has proposed on the automobile sector.
The Trump administration argues the new tariffs will boost domestic manufacturing, shrink trade deficits and raise revenue. However, businesses warn of cost increases which could be passed on to consumers.
Trump also announced a trade framework with the Philippines that would impose a tariff of 19% on its goods, while American-made products would face no import taxes. He reaffirmed 19% tariffs on Indonesia as well.
The US president is set to impose the broad tariffs listed in his recent letters to other world leaders on August 1, raising questions of whether there will be any breakthrough in talks with the European Union.
At a Tuesday dinner, Trump said the EU would be in Washington on Wednesday for trade talks.
'We have Europe coming in tomorrow, the next day,' Trump told guests.
The president earlier this month sent a letter threatening the 27 member states in the EU with 30% taxes on their goods.
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Fashion Network
26 minutes ago
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26 minutes ago
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