Trump announces Japan trade deal, 15% tariffs
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The news: US President Donald Trump has announced that Japan will face a 15% tariff rate after the completion of a trade deal with the country, which covers trade on a range of products including automobiles, rice and other agricultural products.
The context: On the president’s Truth Social platform, he said that “Japan will open their country to trade including cars and trucks, rice and certain other agricultural products”.
He also claimed the deal will result in USD550 billion dollars of Japanese investment in the United States.
The tariff rate is an improvement on the 25% levy that was expected to come into effect on 1 August.
Japan’s lead tariff negotiator and economic revitalisation minister Ryosei Akazawa travelled to Washington earlier this week to hold talks with US Secretary of Commerce Howard Lutnick that ran for more than two hours.
Following the meeting, Japan’s cabinet secretariat said the country would “continue to vigorously make efforts to pursue a mutually agreeable landing point between Japan and the United States, while protecting its national interests”.
The sources: Truth Social, Ministry of Foreign Affairs Japan, Bloomberg, Reuters
