Trump announces trade deal with Japan that lowers threatened tariff to 15%

Trump announces trade deal with Japan that lowers threatened tariff to 15%

REACTING TO THE LATEST MOVE IN PRESIDENT DONALD TRUMP’S TRADE WAR. OVERNIGHT, THE PRESIDENT ANNOUNCED A TRADE DEAL WITH JAPAN. IT COMES AHEAD OF AN AUGUST 1ST DEADLINE. SO WE’VE BEEN TALKING ABOUT TRADES AND TARIFFS SINCE THE BEGINNING OF THE YEAR, AND IT’S BEEN A CHANGE IN CONVERSATION. BUT IN THIS LATEST CONVERSATION, THE PRESIDENT SAYS HE IS SET TO SLAP TARIFFS ON DOZENS OF COUNTRIES, INCLUDING TOP TRADE PARTNERS LIKE CANADA, MEXICO, THE EUROPEAN UNION. LET’S GET MORE ON THIS NOW FROM ABC’S MARY BRUCE WHO’S AT THE WHITE HOUSE. HEY. GOOD MORNING. WELL, AFTER. MONTHS OF NEGOTIATIONS, PRESIDENT TRUMP IS TOUTING THIS AS A, QUOTE, GREAT, THOUGH ARE STILL UNKNOWN. BUT IF FINALIZED, THIS WOULD BE THE MOST SIGNIFICANT TRADE DEAL THAT TRUMP HAS ACHIEVED SO FAR. OVERNIGHT, WITH LESS THAN TWO WEEKS BEFORE THE WHITE HOUSE’S AUGUST 1ST DEADLINE FOR TARIFFS TO TAKE EFFECT, PRESIDENT TRUMP ANNOUNCING WHAT HE SAYS IS A MASSIVE TRADE DEAL WITH JAPAN, AMERICA’S FIFTH LARGEST TRADING PARTNER. I JUST SIGNED THE LARGEST TRADE DEAL IN HISTORY, I THINK MAYBE THE LARGEST DEAL IN HISTORY WITH JAPAN. THE PRESIDENT POSTING ON SOCIAL MEDIA THAT JAPANESE EXPORTS TO THE U.S. WILL NOW FACE A 15% TARIFF, DOWN FROM THE 25% HE PREVIOUSLY THREATENED IF JAPAN DIDN’T MAKE A DEALH THE U.S. THAT NEW 15% TARIFF EXTENDING TO JAPANESE AUTOS, PUTTING THEM AT A COMPETITIVE ADVANTAGE TO OTHER CARMAKERS WHO STILL FACE TRUMP’S STEEPER 25% TARIFFS. IN EXCHANGE, JAPAN AGREEING TO ALLOW AMERICAN AUTOMAKERS TO SELL THEIR CARS AND TRUCKS IN JAPAN AND OPENING UP THE COUNTRY TO IMPORTS OF U.S. GROWN RICE AND OTHER AGRICULTURAL PRODUCTS. THE PRESIDENT ALSO ANNOUNCING THAT JAPAN WILL MAKE $550 BILLION IN INVESTMENTS IN THE U.S, BUT HE DIDN’T PROVIDE DETAILS. LAST YEAR, THE U.S. BOUGHT NEARLY $150 BILLION WORTH OF JAPANESE GOODS, MORE THAN ONE THIRD OF THOSE CARS AND CAR PARTS. NOW, THE JAPANESE ARE LAUDING THIS AS A WIN WIN, BUT A 15% TARIFF IS STILL SIGNIFICANT, HIGHER THAN IT WAS BEFORE TRUMP TOOK OFFICE. SO THE BOTTOM LINE HERE AMERICANS COULD STILL FACE HIGHER PRICES ON PRODUCTS IMPORTED FROM JAPAN, EVERYTHING FROM CARS TO ELECTRONICS. IF

ABC News’ Mary Bruce reports from Washington, D.C.

https://abc7ny.com/post/trump-announces-trade-deal-japan-lowers-threatened-tariff-15/17255191/

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