Trump announces trade deal with Japan, lowers threatened tariffs to 15%
President Trump says he’s made a trade deal with Japan, one of the U. S. S largest trading partners. Japanese exports to the U.S. Will now face a 15% tariff. Japan also says it will allow U.S. Automakers to sell their cars and trucks in that country. ABC’s Perry Russom is in Washington with the details. >> This deal coming together less than two weeks before the White House’s deadline of August 1st. That’s when all these tariffs go into effect. The stock market opening higher today as Wall Street reacts to President Trump’s new trade deal with Japan. >> I just signed the largest trade deal in history, I think maybe the largest deal in history with Japan. >> Trump says Japanese exports to the U.S. Will now face a 15% tariff, down from the 25% tariffs he threatened if Japan did not make a deal. The new 15% tariff extending to Japanese carmakers who now have a competitive advantage to other carmakers still facing 25% tariffs. The deal also putting American carmakers at a disadvantage, who still face 50% tariffs on steel, aluminum and copper. Japan’s top trade negotiator calls the deal mutually beneficial. >> They had their top people here and we worked on it long and hard, and it’s a great deal for everybody. >> Trump’s tariffs have sent shockwaves through the automobile industry. General Motors, based in Detroit, and Stellantis, based in Europe, say they’re losing money over Trump’s tariffs. Stellantis now reporting it’s lost nearly $350 million. General Motors says the tariffs took $1.1 billion out of its second quarter operating income. GM says its earnings were better than expected, as they already baked in the added cost of the tariffs. Most economists say the added tariff cost gets handed down to American consumers. Treasury Secretary Scott Benson today on MSNBC disagrees. >> Who pays the tariffs is a choice. And what we’ve seen thus far is that the manufacturers are eating a substantial portion of the tariffs and taking it into their profit margins. >> Trump today signaling what he’s looking for in tariff deals. He says he will only lower tariffs if a country opens its markets to the U.S. And if they don’t, he says
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President Donald Trump announced a trade framework with Japan on Tuesday, placing a 15% tax on goods imported from that nation.
“This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it,” Trump posted on Truth Social, adding that the United States “will continue to always have a great relationship with the Country of Japan.”
The president said Japan would invest “at my direction” $550 billion into the U.S. and would “open” its economy to American autos and rice. The 15% tax on imported Japanese goods is a meaningful drop from the 25% rate that Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting Aug. 1.
Read more: https://abc6onyourside.com/news/nation-world/trump-announces-trade-deal-japan-lowers-threatened-tariff-15-administration-philippines-chinese-economy-manufacturing-scott-bessent#
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