President Trump on Tuesday introduced that his administration had reached an settlement with Japan on commerce, which might see the U.S. impose a 15 p.c tariff on Japanese items.
Trump posted on Fact Social that Japan would make investments $550 billion in tasks in the US, although he didn’t specify what these investments would entail. He additionally mentioned Japan would open its markets to U.S. vehicles, rice and different agricultural merchandise.
Japan may even pay a 15 p.c tariff to export its items into the US, Trump mentioned. That’s decrease than the 25 p.c tariff Trump had threatened to impose on Japan starting Aug. 1.
“This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan,” Trump posted.
Japan is among the United States’s largest buying and selling companions. The U.S. exported roughly $80 billion in items to Japan in 2024, whereas Japan exported roughly $148 billion to the US.
Trump has been saying a sequence of commerce offers with different nations main as much as Aug. 1, when he has threatened to lift tariffs on buying and selling companions. The rise in tariffs comes after the president had backed off sweeping “reciprocal” tariffs in opposition to dozens of different nations.
The president earlier Tuesday introduced the contours of a commerce settlement with the Philippines after its chief met with Trump within the Oval Workplace. The White Home has beforehand touted agreements with the UK, Indonesia and Vietnam, in addition to a framework with China.
