President Trump said on Tuesday that he has signed a “large -scale” trade deal with Japan that asks the country for a 15% tariff on American imports.
President wrote True social This will, as part of the agreement, will invest $ 550 billion in the US, “which will receive 90% of the profit.” He also said that Japan “will open its country to trade with cars and trucks, rice and some other agricultural products.” 15% tariff rate floating by Mr. Trump is slightly less than 25% Proposed Earlier this month, or 24% duties that were Proposed On “Liberation Day” in early April.
“This is a very exciting time for the United States, and especially for the fact that we will always continue a great relationship with the country of Japan,” Mr. Trump wrote on Tuesday.
Shri Trump said about talks with Japan, “He had his top people, and we did long and hard work on it, and this is a great deal for everyone.”
The Japanese government has not publicly commented on the report reported. CBS News has reached the Japanese Embassy in Washington, DC for comments.
Japan is the fifth largest trading partner in the United States, according to Federal statisticsJapan bought US goods worth $ 79.7 billion last year, and the US imported Japanese goods worth $ 148.2 billion.
Last year, more than one-third of American imports from Japan were $ 52.3 billion-car and car parts, according to Japan’s large-scale auto industry, according to the auto industry. Federal dataIt is not clear whether those goods will be subject to the 15% rate declared on Tuesday, or High 25% rate Foreign made cars and parts that Mr. Trump announced earlier this year. CBS News has reached the White House for comments.
Mr. Trump said that his administration is working on a separate deal with Alaska associated with natural gas in Alaska in Alaska on Tuesday evening.
Earlier Tuesday, Mr. Trump also Announced business deals Along with Indonesia and the Philippines, who called for a 19% tariff on the export of countries to the United States. The administration is still interacting with several other important trading partners including Mexico, Canada and the European Union.
Trump pushes for the last minute trade deal blitz
Mr. Trump has sent letters to about two dozen countries this month – including Japan – is asking him to expect a high tariff starting from August 1, as long as he attacks deals, which see the President as unfair trade practices. The danger came near the end of the 90-day break on most of the 90-day “mutual” tariffs that Mr. Trump unveiled against dozens of countries on “Mukti Divas” in April.
The Trump administration has hoped that the letters will lead a blitz of trade deals in the coming weeks, before kicking high tariff rates in early August. Commerce Secretary Howard Lootnik Sunday predicted That will be the next two weeks “for record books”.
Lutnik said on CBS News, “The letters have taken these countries to the table, and they are going to open their markets or they are going to pay the tariff.”
When the dust freezes, Lutnik said that small countries can expect about 10% of tariffs – which is the basic rate in April – while big countries will have to face high tariffs.
Comparatively, according to the average tariff rate on US imports in 2023, according to, according to, according to Yale budget lab,
Mr. Trump argues that his tariff strategy is necessary to revive American manufacturing, correct unfair trade practices and bring them into additional government revenue. But many economists warned that tariffs can lead to high inflation and low economic growth. Federal Reserve Chair Jerome Powell Said earlier this month The central bank has left relatively high interest rates so far this year as it is concerned that Mr. Trump’s tariffs can pursue consumer prices.
Lutnik on Sunday responded to inflation concerns, “I think you are going to see inflation where this is correct,” and argued that tariffs would help American manufacturers.
“The idea that these importers are more important than people appointing Americans, I think it is just [the] The wrong way to think about it, “Lutnik told CBS News.
Olivia Rinali contributed to this report.
