Trump announces deal with Japan/Trade tariff on Japanese goods at 15%
US President Donald Trump announced a new trade framework with Japan that will impose a 15% tariff on Japanese imports, easing a previously threatened 25% tariff.
Under the new agreement, Trump said Japan would invest $550 billion in the US "under my direction" and "open" its economy to American 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 always continue to have a great relationship with Japan."
Japanese Prime Minister Shigeru Ishiba welcomed the deal on Wednesday and said it would benefit both nations, strengthening bilateral cooperation. His ruling coalition failed to secure a majority on Monday, but he said he would stay in office to avoid creating a political vacuum and to face threats of looming U.S. tariffs.
Key details of the deal remain unclear, including whether cars made in Japan will still be subject to the 25% tariff that Trump has proposed for the auto sector.
The Trump administration argues that the new tariffs will boost domestic production, reduce trade deficits and increase revenues. However, businesses warn of increased costs, which could be passed on to consumers.
Trump also announced a trade framework with the Philippines that would impose a 19% tariff on its goods, while American-made products would face no import taxes. He also reaffirmed the 19% tariffs on Indonesia.
The US president will impose the broad tariffs listed in his latest letters to other world leaders on August 1, raising questions about whether there will be any progress in talks with the European Union.
At a dinner on Tuesday, Trump said the EU would be in Washington on Wednesday for trade talks. "Europe is coming tomorrow," Trump told guests.
The president earlier this month sent a letter threatening the 27 EU member states with 30% tariffs.
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