US lowers tariffs on Japanese exports
The United States and Japan have reached an agreement to reduce tariffs on Japanese exports, scaling back a steeper increase previously threatened by President Donald Trump.
Under the deal, tariffs on Japanese goods entering the US will be set at 15%, a cut from the originally proposed 25%. Japanese vehicles—accounting for more than a quarter of Japan's exports to the US—will also benefit from the revised rate, with existing tariffs lowered from 25% to 15%.
Trump, posting on Truth Social, described the agreement as 'the biggest trade deal in history with Japan,' highlighting its role in maintaining strong bilateral ties.
In turn, Japanese Prime Minister Shigeru Ishiba, under increased pressure following a major electoral defeat on Sunday, welcomed the outcome, characterizing the revised tariff rate as the lowest among trade-surplus nations dealing with the US.
The announcement triggered a rally in Japanese markets. The Nikkei index climbed to a one-year high, while government bond prices slipped. US media outlets also highlighted the deal, calling it 'the most significant' among several trade arrangements concluded by the White House ahead of the August 1 deadline for wider tariff actions.
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