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Glasgow Times
4 hours ago
- Business
- Glasgow Times
Donald Trump announces trade deal with Japan
'This Deal will create Hundreds of Thousands of Jobs – There has never been anything like it,' Mr Trump posted on Truth Social, adding that the United States 'will continue to always have a great relationship with the Country of Japan'. The president said Japan would invest 'at my direction' 550 billion dollars into the US and would 'open' its economy to American cars and rice. The 15% tax on imported Japanese goods is a meaningful drop from the 25% rate that Mr Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting on August 1. Early Wednesday, Mr Ishiba acknowledged the new trade agreement, saying it would benefit both sides and help them work together. Japanese PM Shigeru Ishiba acknowledged the new trade agreement (Kyodo News via AP) With the announcement, Mr Trump is seeking to tout his ability as a dealmaker — even as his tariffs, when initially announced in early April led to a market panic and fears of slower growth that for the moment appear to have subsided. Key details remained unclear from his post, such as whether Japanese-built cars would face a higher 25% tariff that Mr Trump imposed on the sector. But the framework fits a growing pattern for Mr Trump, who is eager to portray the tariffs as a win for the US. His administration says the revenues will help reduce the budget deficit and more factories will relocate to America to avoid the import taxes and cause trade imbalances to disappear. The wave of tariffs continues to be a source of uncertainty about whether it could lead to higher prices for consumers and businesses if companies simply pass along the costs. The problem was seen sharply on Tuesday after General Motors reported a 35% drop in its net income during the second quarter as it warned that tariffs would hit its business in the months ahead, causing its stock to tumble. A staff member distributes an extra edition of a newspaper reporting that President Donald Trump announced a trade framework with Japan (Eugene Hoshiko/AP) As the August 1 deadline for the tariff rates in his letters to world leaders is approaching, Mr 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. The president also reaffirmed his 19% tariffs on Indonesia. The US ran a 69.4 billion dollar trade imbalance on goods with Japan last year, according to the Census Bureau. America had a trade imbalance of 17.9 billion dollars with Indonesia and an imbalance of 4.9 billion dollars with the Philippines. Both nations are less affluent than the US and an imbalance means America imports more from those countries than it exports to them. The 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, Mr Trump said the EU would be in Washington on Wednesday for trade talks. 'We have Europe coming in tomorrow, the next day,' Mr 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 to be imposed starting on August 1.
Glasgow Times
4 hours ago
- Automotive
- Glasgow Times
Japanese PM Shigeru Ishiba denies reports of resignation amid pressure
Mr Ishiba has been under growing pressure to step down as his ruling Liberal Democratic Party and its junior coalition partner, Komeito, lost their majority in the 248-member upper house, the smaller and less powerful of Japan's two-chamber parliament on Sunday, shaking his grip on power and Japan's political stability. The loss means Mr Ishiba's ruling coalition, which also lost a majority in the more powerful lower house in October, now lacks a majority in both houses of parliament, making it even more difficult for his government to achieve any policy goals and worsening Japan's political instability. Mr Ishiba had announced his intention to stay on to tackle pressing challenges, including tariff talks with the US, without creating a political vacuum, sparking calls from inside and outside his own party for a quick resignation to respond to the election results. With the tariff deal with the US paving the way for his possible departure, Japanese media said he is expected to soon announce plans to step down in August. Mr Ishiba spoke to the media after President Donald Trump announced a trade framework with Japan (Kyodo News via AP) The Yomiuri newspaper, in an extra edition on Wednesday, said Mr Ishiba had decided to announce his resignation by the end of July after receiving a detailed report from his chief trade negotiator, Ryosei Akazawa, paving the way for a party leadership vote to choose his successor. Mr Ishiba denied the report and said he wants to focus on the US trade deal, which covers more than 4,000 goods affecting many Japanese producers and industries. The Prime Minister, who met party heavyweights and former prime ministers Taro Aso, Fumio Kishida and Yoshihide Suga on Wednesday at party headquarters, told reporters afterwards that they did not discuss his resignation or a new party leadership contest. They only discussed the election results, shared the sense of crisis and confirmed the need to avoid party discord, he said. Mr Ishiba welcomed the trade agreement on Wednesday, which places a 15% tax on Japanese cars and other goods imported into the US from Japan, down from the initial 25%. He said it was a product of tough negotiations to protect the national interest and that it would help benefit both sides as they work together to create more jobs and investment. But Mr Ishiba declined to comment on his possible move and only told reporters that he has to closely examine the trade deal first. In Sunday's election, voters frustrated with price increases exceeding the pace of wage hikes, especially younger people who have long felt ignored by the ruling government's focus on senior voters, rapidly turned to emerging conservative and right-wing populist parties, like the Democratic Party for the People and Sanseito. None of the opposition parties have shown interest in forming a full-fledged alliance with the governing coalition but they have said they are open to cooperating on policy.
Irish Examiner
5 hours ago
- Business
- Irish Examiner
Donald Trump announces trade deal with Japan
US President Donald Trump has announced a trade framework with Japan, placing a 15% tax on goods imported from that nation. 'This Deal will create Hundreds of Thousands of Jobs – There has never been anything like it,' Mr Trump posted on Truth Social, adding that the United States 'will continue to always have a great relationship with the Country of Japan'. The president said Japan would invest 'at my direction' 550 billion dollars into the US and would 'open' its economy to American cars and rice. The 15% tax on imported Japanese goods is a meaningful drop from the 25% rate that Mr Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting on August 1. Early Wednesday, Mr Ishiba acknowledged the new trade agreement, saying it would benefit both sides and help them work together. Japanese PM Shigeru Ishiba acknowledged the new trade agreement (Kyodo News via AP) With the announcement, Mr Trump is seeking to tout his ability as a dealmaker — even as his tariffs, when initially announced in early April led to a market panic and fears of slower growth that for the moment appear to have subsided. Key details remained unclear from his post, such as whether Japanese-built cars would face a higher 25% tariff that Mr Trump imposed on the sector. But the framework fits a growing pattern for Mr Trump, who is eager to portray the tariffs as a win for the US. His administration says the revenues will help reduce the budget deficit and more factories will relocate to America to avoid the import taxes and cause trade imbalances to disappear. The wave of tariffs continues to be a source of uncertainty about whether it could lead to higher prices for consumers and businesses if companies simply pass along the costs. The problem was seen sharply on Tuesday after General Motors reported a 35% drop in its net income during the second quarter as it warned that tariffs would hit its business in the months ahead, causing its stock to tumble. A staff member distributes an extra edition of a newspaper reporting that President Donald Trump announced a trade framework with Japan (Eugene Hoshiko/AP) As the August 1 deadline for the tariff rates in his letters to world leaders is approaching, Mr 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. The president also reaffirmed his 19% tariffs on Indonesia. The US ran a 69.4 billion dollar trade imbalance on goods with Japan last year, according to the Census Bureau. America had a trade imbalance of 17.9 billion dollars with Indonesia and an imbalance of 4.9 billion dollars with the Philippines. Both nations are less affluent than the US and an imbalance means America imports more from those countries than it exports to them. The 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, Mr Trump said the EU would be in Washington on Wednesday for trade talks. 'We have Europe coming in tomorrow, the next day,' Mr 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 to be imposed starting on August 1.
BreakingNews.ie
5 hours ago
- Business
- BreakingNews.ie
Donald Trump announces trade deal with Japan
US President Donald Trump has announced a trade framework with Japan, placing a 15% tax on goods imported from that nation. 'This Deal will create Hundreds of Thousands of Jobs – There has never been anything like it,' Mr Trump posted on Truth Social, adding that the United States 'will continue to always have a great relationship with the Country of Japan'. Advertisement The president said Japan would invest 'at my direction' 550 billion dollars into the US and would 'open' its economy to American cars and rice. The 15% tax on imported Japanese goods is a meaningful drop from the 25% rate that Mr Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting on August 1. Early Wednesday, Mr Ishiba acknowledged the new trade agreement, saying it would benefit both sides and help them work together. Japanese PM Shigeru Ishiba acknowledged the new trade agreement (Kyodo News via AP) With the announcement, Mr Trump is seeking to tout his ability as a dealmaker — even as his tariffs, when initially announced in early April led to a market panic and fears of slower growth that for the moment appear to have subsided. Advertisement Key details remained unclear from his post, such as whether Japanese-built cars would face a higher 25% tariff that Mr Trump imposed on the sector. But the framework fits a growing pattern for Mr Trump, who is eager to portray the tariffs as a win for the US. His administration says the revenues will help reduce the budget deficit and more factories will relocate to America to avoid the import taxes and cause trade imbalances to disappear. The wave of tariffs continues to be a source of uncertainty about whether it could lead to higher prices for consumers and businesses if companies simply pass along the costs. The problem was seen sharply on Tuesday after General Motors reported a 35% drop in its net income during the second quarter as it warned that tariffs would hit its business in the months ahead, causing its stock to tumble. Advertisement A staff member distributes an extra edition of a newspaper reporting that President Donald Trump announced a trade framework with Japan (Eugene Hoshiko/AP) As the August 1 deadline for the tariff rates in his letters to world leaders is approaching, Mr 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. The president also reaffirmed his 19% tariffs on Indonesia. The US ran a 69.4 billion dollar trade imbalance on goods with Japan last year, according to the Census Bureau. America had a trade imbalance of 17.9 billion dollars with Indonesia and an imbalance of 4.9 billion dollars with the Philippines. Both nations are less affluent than the US and an imbalance means America imports more from those countries than it exports to them. The 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, Mr Trump said the EU would be in Washington on Wednesday for trade talks. Advertisement 'We have Europe coming in tomorrow, the next day,' Mr 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 to be imposed starting on August 1.
Western Telegraph
5 hours ago
- Business
- Western Telegraph
Donald Trump announces trade deal with Japan
'This Deal will create Hundreds of Thousands of Jobs – There has never been anything like it,' Mr Trump posted on Truth Social, adding that the United States 'will continue to always have a great relationship with the Country of Japan'. The president said Japan would invest 'at my direction' 550 billion dollars into the US and would 'open' its economy to American cars and rice. The 15% tax on imported Japanese goods is a meaningful drop from the 25% rate that Mr Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting on August 1. Early Wednesday, Mr Ishiba acknowledged the new trade agreement, saying it would benefit both sides and help them work together. Japanese PM Shigeru Ishiba acknowledged the new trade agreement (Kyodo News via AP) With the announcement, Mr Trump is seeking to tout his ability as a dealmaker — even as his tariffs, when initially announced in early April led to a market panic and fears of slower growth that for the moment appear to have subsided. Key details remained unclear from his post, such as whether Japanese-built cars would face a higher 25% tariff that Mr Trump imposed on the sector. But the framework fits a growing pattern for Mr Trump, who is eager to portray the tariffs as a win for the US. His administration says the revenues will help reduce the budget deficit and more factories will relocate to America to avoid the import taxes and cause trade imbalances to disappear. The wave of tariffs continues to be a source of uncertainty about whether it could lead to higher prices for consumers and businesses if companies simply pass along the costs. The problem was seen sharply on Tuesday after General Motors reported a 35% drop in its net income during the second quarter as it warned that tariffs would hit its business in the months ahead, causing its stock to tumble. A staff member distributes an extra edition of a newspaper reporting that President Donald Trump announced a trade framework with Japan (Eugene Hoshiko/AP) As the August 1 deadline for the tariff rates in his letters to world leaders is approaching, Mr 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. The president also reaffirmed his 19% tariffs on Indonesia. The US ran a 69.4 billion dollar trade imbalance on goods with Japan last year, according to the Census Bureau. America had a trade imbalance of 17.9 billion dollars with Indonesia and an imbalance of 4.9 billion dollars with the Philippines. Both nations are less affluent than the US and an imbalance means America imports more from those countries than it exports to them. The 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, Mr Trump said the EU would be in Washington on Wednesday for trade talks. 'We have Europe coming in tomorrow, the next day,' Mr 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 to be imposed starting on August 1.
