Trump says U.S. reached Japan trade deal with 15% tariffs

President Trump on Tuesday said the U.S. notched a trade agreement with Japan that would see 15% tariffs on all goods imported from one of the nation's key trade partners. Why it matters: A U.S.-Japan trade deal would be the most significant since the White House threatened to impose sharply higher tariffs on much of the globe.What they're saying: "Japan will open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products and other things," Trump said. He said that Japan would invest $550 billion in the U.S. "which will received 90% of the Profits." Trump did not specify what form such an investment would take.The deal will include "reciprocal tariffs" of 15%, Trump added. Zoom in: That is lower than the 25% tariff rate that the White House threatened in a letter sent to Japanese officials earlier this month, which would have taken effect on Aug. 1 if no deal was reached.On April 2, Trump was set to impose a tariff of 24% on goods from the world's fourth largest economy before postponing the so-called Liberation Day tariffs. The intrigue: The U.S. is a massive buyer of Japanese cars and auto parts, which have been subject to a 25% tariff rate since the spring. Trump's social media post did not specify how sector-specific tariffs would be treated under the deal. The big picture: Tuesday was a trade deal whirlwind. Trump said earlier the U.S. reached an agreement with the Philippines that included a tariff rate of 19% on U.S.-bound goods. The White House also released text of the previously announced trade framework with Indonesia, which also set tariffs on goods from the nation at 19%.Like Japan, Trump said both nations have agreed to open their markets to U.S. exporters.The bottom line: Forget the era of ultra-low tariffs. The U.S.-Japan trade deal is the latest to feature double-digit levies on foreign goods.

Comments

World news

Evacuations in Greece after major forest fire breaks out

Independent

Comments

Similar News

Trump’s Wall Street Journal lawsuit could backfire spectacularly

Trump’s Deportations Spark Anger Across Africa

Trump claims he’s made a ‘massive’ trade deal with Japan

Obama blasts 'bizarre' Trump claim of 2016 election 'treason'

Trump announces trade deal with Japan that lowers threatened tariff to 15%

Trump’s best hope to cool down Epstein fury may be for Hunter Biden to keep talking

Obama breaks silence on Trump’s ‘outrageous’ call to prosecute him

Trump announces Japan trade deal after weeks of fraught negotiations

Republican Congressman who voted against Trump’s bill now trying to fundraise off Epstein files

The Latest: Trump deflects questions about Epstein files and revives old grievances

Obama releases rare statement on ‘Russia-gate’ after Trump accuses him of ‘treason’

Trump administration wants $1.2 billion tent city at Texas Army base, country’s largest immigration detention center

Indonesia agrees to drop non-tariff barriers in Trump trade victory

Trump says US and Japan have reached trade deal

Judges end Trump pick Alina Habba’s tenure as New Jersey’s top prosecutor

‘Ridiculous’: Obama responds to Trump claim he was ‘ringleader’ in conspiracy to ‘rig’ 2016 election

GOP mocked for posting about Trump’s paper straw policies amid Epstein fallout

Trump’s FCC chairman gloats over Colbert’s cancellation days after meeting soon-to-be CBS owner

Trump administration pauses student loan forgiveness with no explanation. Here’s what it means

Chabria: 3 things that should scare us about Trump's fake video of Obama

World news

Evacuations in Greece after major forest fire breaks out

The Italian mountain resort that offers a mild, affordable summer escape

The countries where workers can dip into their pension pots early, mapped

Melanie Blatt: At 50, I’m either doing cold plunges or smoking and eating McDonald’s

Man Utd have treated Marcus Rashford abysmally

Trump’s Wall Street Journal lawsuit could backfire spectacularly

We R Blighty and other rogue fundraisers could face tougher laws

Fears of summer Covid wave as new dominant variant spreads

High inflation and low rates means £1 saved in 2020 now worth just 89p

Critical: Between Life and Death is not for the queasy

I’ll spend £2k on childcare this summer – the school holidays are a nightmare

Trump’s Deportations Spark Anger Across Africa

Judges in Epstein, Maxwell grand jury transcript cases request more details from DOJ

Hong Kong judge rules in favor of transgender bathroom access

Gaza war: Is the UK selling arms to Israel?

FKA Twigs and Shia LaBeouf reach settlement in abuse lawsuit

Microsoft servers hacked by Chinese groups, firm says

US House speaker shuts down chamber to block Epstein vote

Teeth marks suggest 'terror bird' was killed by reptile 13 million years ago

Thousands protest as Zelenskyy signs bill weakening anti-corruption agencies

The U.N.'s highest court will decide on the climate obligations of countries

Wednesday Briefing: Israel Expands Gaza Offensive

Ukraine-Russia war latest: Ukrainian military loses first French Mirage fighter jet in crash ahead of peace talks

Delta flight was traveling 60 mph down runway when AeroMéxico plane landed in front of it

Rap group defense lawyer charged after being accused of tipping off gang member to ditch evidence

Driver accused of intentionally plowing car into crowd outside Los Angeles nightclub charged with attempted murder

Two types of tuna recalled over listeria contamination fears

Trump claims he’s made a ‘massive’ trade deal with Japan

I’m a Gen Z and can’t afford to pay into a pension – my future is bleak

Home Office to share asylum hotel locations with food delivery firms

Rows of decomposing bodies that can't be buried because of fierce fighting in Syrian city

Why is MAGA splitting over Israel?

Max Scherzer blames himself for Blue Jays’ loss

Major update in Air India crash probe references key issue thought to be its cause

Camp Mystic: Why were so many people killed there during Texas floods?

Protests in Ukraine as Zelensky signs bill targeting anti-corruption bodies

Obama blasts 'bizarre' Trump claim of 2016 election 'treason'

The 'underwater bushfire' cooking Australia's reefs

Big cat owners hide their animals amid Pakistani crackdown

Wife of Diogo Jota posts 'forever' tribute

Idaho student killer heads to prison, but mysteries in the case remain

Iran's detainees in 'unbearable' conditions after Israeli strikes on prison

Deepfake deception: Indian woman's identity stolen for erotic AI content

The latest front line in the battle for Sudan

Trump announces trade deal with Japan that lowers threatened tariff to 15%

Officials in Iran Suspect Sabotage in Wave of Fires and Explosions

Hugging bandit: Edmonton senior falls victim to distraction theft

Homeland Security urges Americans to report former lovers to ICE: ‘From domestic abuser to deported loser’

Hershey is raising the price of its candy bars over the high cost of cocoa

Newsmax star defends Alex Acosta’s sweetheart plea deal for Epstein — but ignores the network’s conflict of interest

Trump’s best hope to cool down Epstein fury may be for Hunter Biden to keep talking

Exclusive: Walmart reveals how it fights fakes on Marketplace

U.S. envoy Witkoff to meet Israeli, Qatari officials in Rome in Gaza ceasefire push

Rice’s late homer lifts Yankees over Blue Jays 5-4

Taxpayer-funded gift card purchases in Richmond stretch back to last decade

Not horsing around: Vancouver airport is 1st in Canada to feature therapy ponies

Thief allegedly drives off with vehicle just steps away from owner in Kelowna