NBC News - President Donald Trump said his administration has reached a deal with Japan to lower its tariff rate to 15% — lower than the 24% that Trump threatened the country with on April 2 and the 25% he threatened in a letter on July 7. But before Trump's current term, the effective U.S. tariff rate on Japanese imports was less than 2%, according to World Bank data.
As part of the agreement, Trump said on Truth Social that Japan would also "invest, at my direction, $550 Billion Dollars into the United States." Japanese Prime Minister Shigeru Ishiba confirmed the agreement. Read the full story here.
Trump also announced
yesterday that he was lowering a planned tariff on imports from the
Philippines from 20% to 19%, with U.S. firms able to export their goods
tariff-free. Several hours later, Trump said he struck an agreement with
Indonesia that also puts a 19% tax on products imported from that
country and eliminates 99% of duties on U.S. imports.
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