Tariff
Trump announces Deal with Japan – Determen lowered
US President Trump sent a number of customs letters – also to Japan. Now he makes a new deal known.
US President Donald Trump has announced a “massive” trade agreement with Japan. Trump said that they had agreed on “mutual” tariffs of 15 percent on his Truth Social platform. Before that, he had requested tariffs of 25 percent. In response to Trump’s message, the stock exchange in Tokyo increased. Japan will invest $ 550 billion (around 470 billion euros) in the United States on his “instruction”, the US President said. 90 percent of the profit remained in the United States, where hundreds of thousands of jobs would be created.
“We have just concluded a massive agreement with Japan, perhaps the largest agreement that has ever been concluded,” wrote Trump. There has never been anything like that. Japan will open up to the trade, he wrote and listed cars, trucks, rice and other products.
Around two weeks ago, US President Japan sent a customs announcement by letter. It stated that 25 percent of tariffs will be charged on all products from the Asian business nation, which are introduced to the USA from August 1st. This has now been lowered to 15 percent.
It was not clear how the sector -specific tariffs on cars and auto parts that are currently 25 percent will have an impact, the Japanese economic newspaper “Nikkei” wrote according to Trump’s announcement of the deal. Japan’s chief negotiator Ryosei Akazawa had concentrated on the lowering of the auto tariffs, as this is Japan’s largest export sector in retail with the USA. Trump had sent customs letters with different sentences to countries. There is still no agreement in the customs conflict with the European Union.
dpa
Source: Stern
