Washington, July 23
US President Donald Trump said that 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 US to avoid or reduce the steep tariffs that his administration plans to start implementing on August 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.
In a letter to Japanese Prime Minister Shigeru Ishiba earlier this month, Trump said the US will charge Japan 25 per cent reciprocal tariffs, a percentage point higher than what Trump initially announced. He has also said that his government will impose 25 per cent tariffs on Korea, news agency reported.
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 US, which he said will receive 90 per cent of the profits. He did not elaborate on the investment plan.