According to President Donald Trump, Japan, one of the US’s biggest trading partners, has agreed to a “massive” trade agreement with the US. Japan has committed to investing $550 billion (£407 billion) in the US, and its goods shipped to the US will be subject to a 15% import tax upon arrival, which is less than the 25% levy Trump had threatened.
On social media, Trump declared that Japan will allow American items, such as vehicles, trucks, rice, and some agricultural products, to enter its market. The statement was welcomed by Japanese Prime Minister Shigeru Ishiba, who described it as “the lowest figure to date among countries with trade surpluses with the US. At a White House event on Tuesday night, Trump said, “I just signed the largest trade deal in history, I think maybe the largest deal in history with Japan.”
We put a lot of effort into it, and they had their best people here. And it’s a fantastic bargain for everybody. It must be fantastic for everyone, I constantly say. It’s a fantastic bargain,” he continued. Ishiba said on Wednesday that the deal will reduce US car and part tariffs from 25% to 15%.
The levy, however, is greater than the 10% imposed by Trump on Japan and other nations during the period from April to July when he halted harsher so-called reciprocal tariffs.
Also Read:
For The first Time, Netflix Uses AI Effects to Save Expenses
A Blast kills Three Deputies at The Los Angeles Sheriff’s Office
