Japan, Trade Deal
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Trump said the U.S. will impose a 15% tariff on Japanese imports under the agreement, which he hailed as "maybe the largest deal in history."
Japan secured a tariff cap and pledged $550B in U.S. investments, with protections on semiconductors and pharmaceuticals under the new trade deal.
That's down from the 25% levies he proposed earlier this month. Japan's prime minister says duties on autos from his nation will be cut to 15% from 25%.
Speaking at an AI summit in Washington, Trump laid out his latest tariff plans, describing them as “reciprocal” duties ahead of an Aug. 1 deadline.
President Trump set a new rhetorical floor for tariffs on Wednesday night, suggesting his administration is aiming to make 15% a new minimum rate for tariffs worldwide.
The agreements have been overshadowed by U.S. firms' warnings that the tariffs will affect their bottom lines and prolong uncertainty in the economy.
President Trump will get to decide where to invest Japanese money and the United States will keep 90 percent of the profits, the White House said.
The US sets reciprocal tariffs of 25% for Japan and South Korea. Both countries vowed to accelerate negotiations within three weeks.
President Donald Trump announced new trade deals with Japan, Indonesia and the Philippines as the Aug. 1 trade deadline set by Trump inches closer.
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