Global markets gain and deal on Trump’s tariffs lifts Japan’s Nikkei 3.5%

Global markets gain and deal on Trump’s tariffs lifts Japan’s Nikkei 3.5%

the opportunity to give impact statements. >> Now to the latest on President Trump’s trade war. Overnight, the president announced a trade deal with Japan. It comes ahead of an August 1st deadline. President Trump is set to slap tariffs on dozens of countries. ABC’s Nicole Deantonio is in Washington with the details. >> This morning new details on President Trump’s trade deal with Japan after months of negotiations. The president says the deal involves what he calls reciprocal tariffs on Japanese imports set at 15%. That’s down from the 25% he threatened would have taken effect starting August 1st. He did not specifically mention automakers in the announcement, but reports from the Japanese broadcaster NHK and others say the auto tariffs, which took effect in April, will also drop from 25% to 15%. Auto exports to the U.S. Made up nearly 30% of all shipments from Japan last year. But automakers are struggling. Both General Motors and Jeep maker Stellantis just announced billions in losses as a result of Trump’s tariffs. They’re still paying a 25% tariff on imports from their plants in Canada and Mexico. Trump says Japan will also invest $550 billion in the U.S. However, he did not elaborate on what those investments might be. >> We’re doing things that have never been done in this country before, and our country is becoming very rich again. >> The deal comes just hours after he announced a trade deal with the Philippines, and more details on an earlier deal with Indonesia, saying both countries will pay 19% tariffs on goods imported into the U.S. But a trade group representing the footwear industry saying the new deal could still lead to higher shoe and sneaker prices. Just as kids head back to school, the ripple effect of tariffs also impacting small businesses. >> If you truly want to transform this country back into a manufacturing power, it takes a generation to do that and that takes investments in education, in, you know, in literally equipment and technology. But that just doesn’t happen within a few years of implementing tariffs. >> It comes as a new AP poll shows 60% of Americans disapprove of the way Trump is handling the economy, and nearly half of adults believe Trump’s policies have done more to hurt them. More talks are expected to take place this week between the U.S. And the European Union. Trump has threatened to hit most EU exports with

Global shares have rallied, with Tokyo’s benchmark Nikkei 225 index finishing 3.5%.

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