Trump strikes tariff deal with Japan, auto stocks surge
It is the most significant of a clutch of agreements Trump has bagged since unveiling sweeping global levies in April, though like other deals, exact details remained unclear.
Japan's autos sector, which accounts for more than a quarter of its US exports, will see existing tariffs cut to 15% from levies totalling 27.5% before. Duties due to come into effect on other Japanese goods from August 1 will also be cut to 15%.
The announcement sent Japan's benchmark Nikkei stock index climbing almost 4% to its highest in a year, led by stocks in automakers with Toyota up more than 14% and Honda nearly 11%.
"I signed the largest trade deal in history with Japan," Trump said on his Truth Social platform. "This is a very exciting time for the US, and specially for the fact that we will continue to have a great relationship with Japan."
Japanese Prime Minister Shigeru Ishiba, who plans to resign after a bruising election defeat on Sunday, according to a source close to the embattled premier, hailed the tariff agreement as "the lowest rate ever applied among countries that have a trade surplus with the US".
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