WASHINGTON: President Donald Trump confirmed a new trade agreement with Japan, introducing a 15% tariff on Japanese goods, a reduction from the previously threatened 25% levy.
The deal, announced via Trump’s Truth Social platform, includes a $550 billion Japanese investment into the US, expected to generate significant job growth.
“We just completed a massive Deal with Japan, perhaps the largest Deal ever made,“ Trump stated.
He added that Japan would open its markets to US automotive and agricultural exports while applying reciprocal tariffs.
The agreement follows recent US trade pacts with the Philippines, Indonesia, Britain, and Vietnam.
Trump had earlier set an August 1 deadline for negotiations, pressuring Japan to avoid higher tariffs.
The timing coincides with political challenges for Japanese Prime Minister Shigeru Ishiba, whose coalition lost its upper house majority in recent elections. – AFP
