The United States has signed a trade deal with Japan that will lower tariffs on some of the country’s exports to the US from 25% to 15%.
The levies are lower than those President Trump proposed in a letter sent to Japan this month if the countries failed to reach an agreement. However, the rate is higher than the 10% levy that exports from Japan to the US face at the moment.
Trump said in a post on Truth Social that Japan would invest $550bn in the United States as part of the agreement. The country would also open its economy to US exports of cars, trucks, rice and other agricultural products, he said.
“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 wrote.
Japan’s prime minister Shigeru Ishiba said the agreement would mean US duties on vehicles and parts fall to 15% without a quota on imports.
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The United States has signed a trade deal with Japan that will lower tariffs on some of the country’s exports to the US from 25% to 15%.
The levies are lower than those President Trump proposed in a letter sent to Japan this month if the countries failed to reach an agreement. However, the rate is higher than the 10% levy that exports from Japan to the US face at the moment.
Trump said in a post on Truth Social that Japan would invest $550bn in the United States as part of the agreement. The country would also open its economy to US exports of cars, trucks, rice and other agricultural products, he said.
“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 wrote.
Japan’s prime minister Shigeru Ishiba said the agreement would mean US duties on vehicles and parts fall to 15% without a quota on imports.