Washington, July 23 (IANS) US President Donald Trump said his administration will impose 15 per cent “reciprocal” tariffs on Japanese products, 10 percentage points lower than what was previously announced, as he touted a “massive” trade deal with the Asian ally.
Trump made the announcement in a social media post as South Korea and other countries are striving to reach trade deals with the United States to avoid or reduce the steep tariffs that his administration plans to start implementing on Aug. 1 unless trade deals are agreed on.
“Perhaps most importantly, Japan will open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things. Japan will pay Reciprocal Tariffs to the United States of 15%,” he wrote on Truth Social, reports Yonhap news agency.
In a letter to Japanese Prime Minister Shigeru Ishiba earlier this month, Trump said the U.S. will charge Japan 25 percent reciprocal tariffs, a percentage point higher than what Trump initially announced. He has also said that his government will impose 25 percent tariffs on Korea.
Trump described the deal with Japan as “perhaps the largest” deal ever made, noting that the Asian country pledged to make a US$550 billion investment in the U.S., which he said will receive 90 percent of the profits. He did not elaborate on the investment plan.
“This Deal will create Hundreds of Thousands of jabalpurinfo.com/jobs/ target=_blank >Jobs — There has never been anything like it,” he said.
Washington and Tokyo had struggled to break an impasse at a time when the Japanese government was thought to have been in a difficult position to show flexibility in the trade negotiations ahead of its parliamentary elections held over the weekend.
Last week, Trump said that his administration might “live by the letter” on the 25 percent tariff rate for Japan, hinting at difficulties in hashing out a deal.
In its trade talks with the U.S., Seoul hopes to secure exemptions or relief from the reciprocal tariffs as well as sector-specific duties on steel, aluminum and automobiles, which are bound to impact Korea’s export-reliant economy.
Earlier in the day, Trump also announced a deal with the Philippines, saying the Southeast Asian country will pay 19 percent tariffs, a percentage point lower than what was previously announced.
—IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.