Japan PM to review details of US trade deal announced by Trump
'As for what to make of the outcome of the negotiations, I am not able to discuss it until after we carefully examine the details of the negotiations and the agreement,' Ishiba told reporters in Tokyo following Trump's announcement.
The Prime Minister added, 'As the government, we think that (the deal) will protect national interests.'
Trump, in a post on his Truth Social platform, declared, 'We just completed a massive Deal with Japan, perhaps the largest Deal ever made.'
Previously, Japanese imports faced a 10% tariff, with Trump threatening to raise it to 25% by August 1 if no agreement was reached. Existing tariffs included 25% on Japanese auto imports and 50% on steel and aluminum.
Reports from Japanese media indicated that auto tariffs had been reduced to 15%, causing Japanese auto stocks to surge in Wednesday morning trading.
The announcement coincided with the eighth Washington visit by Japan's trade envoy, Ryosei Akazawa, who met with senior US officials.
Akazawa later posted on X, 'Mission accomplished.' - AFP
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
an hour ago
- The Star
EU chief von der Leyen heads to Scotland for trade talks with Trump
FILE PHOTO: European Commission President Ursula von der Leyen speaks at a press conference following the 25th EU-China Summit in Beijing, China July 24, 2025. REUTERS/Florence Lo/File Photo BRUSSELS/EDINBURGH (Reuters) -EU Commission President Ursula von der Leyen headed to Scotland on Saturday ahead of a meeting with U.S. President Donald Trump on Sunday afternoon, commission spokespeople said, as EU officials said the two sides were nearing a trade agreement. Trump, in Scotland for a few days of golfing and bilateral meetings, told reporters upon his arrival on Friday evening that he was looking forward to meeting with von der Leyen, calling her a "highly respected" leader. He repeated his view that there was a 50-50 chance that the U.S. and the 27-member European Union could reach a framework trade pact, adding that Brussels wanted to "make a deal very badly". If it happened, he said it would be the biggest trade agreement reached yet by his administration, surpassing the $550 billion accord agreed with Japan earlier this week. The White House has released no details about the planned meeting or the terms of the emerging agreement. The European Commission on Thursday said a negotiated trade solution with the United States was within reach, even as EU members voted to approve counter-tariffs on 93 billion euros ($109 billion) of U.S. goods in case the talks collapse. To get a deal, Trump said the EU would have to "buy down" that tariff rate, although he gave no specifics. EU diplomats say a possible deal between Washington and Brussels would likely include a broad 15% tariff on EU goods imported into the U.S., mirroring the U.S.-Japan deal, along with a 50% tariff on European steel and aluminum. The broad tariff rate would be half the 30% duties that Trump has threatened to slap on EU goods from August 1. It remains unclear if Washington will agree to exempt the EU from sectoral tariffs on automobiles, pharmaceuticals and other goods that have already been announced or are pending. Combining goods, services and investment, the EU and the United States are each other's largest trading partners by far. The American Chamber of Commerce in Brussels warned in March that any conflict jeopardized $9.5 trillion of business in the world's most important commercial relationship. (Reporting by Andrew Gray and Andrea ShalalEditing by Nick Zieminski)
The Star
4 hours ago
- The Star
Asean News Headlines at 10pm on Saturday (July 26, 2025)
Malaysia: * Anwar extends appreciation to all parties for smooth, incident-free rally / Anwar reaffirms commitment to democracy, freedom of speech * Rally ended peacefully, no untoward incidents reported, says acting KL police chief * Only 40% of Malaysians believe country is on the right track, says survey * July 26 protest: Traffic near Sogo at standstill as protesters spill onto the road * July 26 protest - Liveblog: Rally comes to an end with prayer recital * Protestors gather for July 26 rally in Kuala Lumpur * Anwar says he won't attend July 26 rally because he wasn't invited * Take me to court if I am wrong, Dr M says on Batu Puteh issue * Anwar calls on MPs to uphold civil debate in Parliament, avoid insults and profanity * Where's Jho Low? Looking for 1MDB fugitive in Shanghai's luxury estate * Bar Council EGM on judicial independence dissolves due to lack of quorum * AGC to re-examine influencer's false report case * Malaysia faces rising cyber threats as incidents increase * MyDigital ID rollout must prioritise trust over compulsion, says think tank * Malaysia's new ambassador to US pledges stronger bilateral relations * Dr M's granddaughter loses RM1.8mil in home burglary / Cops tracking down suspects involved in burglary at Dr M's grandchild's house North Korea's Jo Jin Mi and Choe Wi Hyan compete in the final of the mixed team 3m and 10m diving event during the 2025 World Aquatics Championships in Singapore on Saturday, July 26, 2025. -- Photo by Oli SCARFF / AFP Singapore: * Singapore's national screening programme tests newborns for metabolic and heritable diseases * Shocker in Singapore: Woman taken to hospital after car falls into sinkhole on Tanjong Katong Road * Black belt in taekwondo, grade 8 in piano: S'pore teen excels despite condition that limits movements * Singapore's Tipsy Collective sues former directors, HR head; alleges S$14mil lost from misconduct, poor decisions * Singapore rail operator to pay lower fine of S$2.4m for line disruption; must invest at least S$600k to boost reliability * Singapore shipowner told to pay US$1bil over marine disaster Indonesia: * Trump tariffs leave costly China supply question unanswered; Indonesia among countries deeply affected * Students flee Sekolah Rakyat in Central Java just one week into orientation * Indonesia car sales expected to top 800,000 units in 2025 * Indonesia backs peaceful resolution in Thai-Cambodian border dispute * Oil prices ease to three-week low at weekend as negative economic news offsets trade optimism Japanese dancers perform Ryukyu Buyo, a traditional Okinawan dance blending graceful movements with vibrant music rooted in the heritage of the Ryukyu Islands, during a cultural exchange programme by the Japan Foundation at the Taman Ismail Marzuki (TIM) theatre in Jakarta. -- Photo by YASUYOSHI CHIBA / AFP Thailand: * Malaysia: Government monitoring investments in Thailand, Cambodia amid conflict * Thai-Cambodia clashes spread along frontier as death toll rises * Thai Army clarifies use of cluster munitions, insists they are aimed at military targets only * Thailand issues warning of potential long-distance PHL-03 missile strike from Cambodia * Thailand condemns Cambodian attacks on civilians, hospitals * New front opens as clashes between Thailand and Cambodia continue * Thai Navy joins conflict against Cambodia as death toll climbs to 30 * China must strike a delicate balance in its approach towards Thai-Cambodian conflict, say analysts * Thaksin denies family conflict sparked Thai-Cambodian war, insists on non-interference in military operations Philippines: * Philippine Supreme Court rules impeachment bid against vice president is unconstitutional * Typhoons 'Crising,' 'Dante,' and tropical storm 'Emong' combined death toll at 26 in Philippines * Philippine cyclones death toll rises to 30, seven missing * Co-May leaves trail of destruction in the Philippines * US agrees deals with Indonesia, Philippines – but are Chinese firms a step ahead? U.S. President Donald Trump, flanked by Treasury Secretary Scott Bessent and Secretary of State Marco Rubio meets with Philippine President Ferdinand Marcos Jr., at the White House in Washington. --Photo: REUTERS/Kent Nishimura Vietnam: * Vietnam stands at core of evolving Asean: Malaysian ambassador * Plastics remain top choice for Hanoi food and beverage shops * Sleeper bus overturns in central Vietnam, leaving nine dead * Kids among nine killed in bus crash in central Vietnam * Analysis-Trump's distraction methods fall flat against Epstein uproar Myanmar: * US drops sanctions on Myanmar junta allies after Trump praise * US says lifting of some Myanmar sanctions had no link to general's letter to Trump * India and Myanmar discuss future of pharmaceutical industry in Yangon Displaced Cambodians receive water at the Battkhao Resettlement Camp in Oddar Meanchey Province, Cambodia, Saturday, July 26, 2025, as border clashes between Thailand and Cambodia entered its third day. -- AP Photo/Anton L. Delgado Cambodia: * Tens of thousands flee their homes as Thailand and Cambodia clash * Death toll rises in Thai-Cambodian clashes despite ceasefire call * China denies supplying new weapons to Cambodia in Thai border conflict * Hong Kong police investigate Cambodian scam farm link to missing girl * Cambodia bans flights across fighting zones with Thailand * Cambodia prepares counterattack at Phu Ma Kua — plans heavy use of indirect munitions Laos: * 'We are not involved in this': Laos denies reports on border clash with Cambodian forces * Laos seeks to develop traditional medicine * Lao communities on edge as river levels climb amid continuous rainfall Brunei: * Bruneians turning heads at international barber event * Brunei Law Society attends Asean Bar Leaders' Summit * Brunei emphasises sustainable forest management and environmental protection for its future generation Australia's diver Maddison Keeney holds her gold medal after competing in the final of the women's 1m springboard diving event during the 2025 World Aquatics Championships in Singapore on Saturday, July 26, 2025. -- Photo by Oli SCARFF / AFP AseanPlus: * MMEA on high alert, strengthens fleet to tackle drug smuggling at sea * Australia, Britain sign 50-year AUKUS submarine partnership treaty * Security forces fired indiscriminately during Bangladesh protest: report * China calls for calm over border clash - The Thailand-Cambodia clash * Chinese pet clinic runs over 'untreatable' dog to 'get owner insurance payout' * Hong Kong starts building city's first public hydrogen charging system for EVs * US continues to have 'productive' talks with South Korea to reduce 'unfair' trade barriers: White House * Sri Lanka to waive visa fees for 40 more countries to boost tourism * Economists doubt Trump outlook that US will sell 'so much' beef to Australia * Beijing issues warning of geological disasters after intense rainfall * Day of prayers for victims after Bangladesh jet crash * Three injured in Seoul stabbing attack * Hongkonger suffers knife wounds in bar fight involving 10 people * Pakistan says it's close to US trade deal, Washington gives no timeline * Taiwan holds historic recall vote that could swing legislature * Trump administration issues plan to limit AI exports to China * No Cantonese, no career? Can Hong Kong do more to help ethnic minority groups? * C-drama 'Coroner's Diary' is a big hit in South-East Asia and also major favourite now with global fans * Hong Kong dancer Mo Li shares first image of his face since Mirror show accident * Van and pick-up vehicle collision leaves four women dead, 10 injured in India's Rajasthan * Thousands of men shared non-consensual intimate photos on Telegram: Chinese media * Korean actor Ji Seung-hyun looks forward to trying satay and laksa on his first visit to Malaysia * Japan to end limits on women's roles in the Self-Defence Forces, allowing them to work in contaminated areas * Sudden deaths likely linked to genetics and lifestyle, not Covid-19 vaccination: India's Union Health Minister Nadda * South Korean father who allegedly shot son with homemade gun at birthday party says he 'felt betrayed' * Pakistan urges global social media platforms to block accounts run by banned militant groups * Trump wants it, but India is doing it -- A new iPhone factory in an out-of-the-way corner of India * HK actress Myolie Wu dispels rumours with family vacation in the Maldives * Japanese legend Tamiya, the man who brought perfection to plastic race car models, dies at 90 * Ex-Hong Kong social worker given community service for defrauding authorities * Stay alert for chikungunya fever threat, leading expert tells Hongkongers * South Korea to prepare mutually agreeable trade package as US tariff deadline looms * Cricket - Root climbs to second on all-time Test list as England dominate hapless India * Cricket will be part of the 2026 Asian Games, says ACC * Motor racing - Verstappen wins Red Bull's first race since Horner's exit * Badminton - Pearly-Thinaah lose to home pair in China Open semis / Aaron-Wooi Yik power into China Open final * Ten-year-old dances her way to history - Sabahan ballerina win silver in the ballet solo event at Dance World Cup (DWC) 2025 finals in Spain
The Star
5 hours ago
- The Star
Trump tariffs leave costly China supply question unanswered; Indonesia among countries deeply affected
JAKARTA (Bloomberg): President Donald Trump's recent flurry of trade deals have given Asian exporters some clarity on tariffs, but missing are key details on how to avoid punitive rates that target China's supply chains. Trump unveiled tariffs of 20% for Vietnam and 19% for Indonesia and the Philippines, signaling those are the levels the US will likely settle on for most of Southeast Asia, a region that ships US$352 billion worth of goods annually to the US. He's also threatened to rocket rates up to 40% for products deemed to be transshipped, or re-routed, through those countries - a move largely directed at curbing Chinese goods circumventing higher US tariffs. But still unclear to manufacturers is how the US will calculate and apply local-content requirements, key to how it will determine what constitutes transshipped goods. South-East Asian nations are highly reliant on Chinese components and raw materials, and US firms that source from the region would bear the extra tariff damage. That's left companies, investors and economists facing several unanswered questions about Trump's tariffs that appear aimed at squeezing out Chinese content, according to Deborah Elms, head of trade policy at the Hinrich Foundation in Singapore. "Is that raw materials? All raw materials? Above a certain percentage?' she said. "How about parts? What about labor or services? What about investment?' In an agreement with Indonesia last week, the White House said the two countries would negotiate "rules of origin' to ensure a third country wouldn't benefit. The deal with Vietnam earlier this month outlined a higher 40% tariff rate for transshipped goods. And Thai officials, who have yet to secure a deal, detailed that they likely need to boost local content in exports to the US. Missing Details The Trump administration isn't providing much clarity on the matter right now. US officials are still working out details with trading partners and looking at value-based local content requirements, to ensure exports are more than just assembled imported parts, according to a person familiar with the matter, who didn't want to be identified discussing private talks. A senior Trump administration official also said this week that details on the approach to transshipment are expected to be released before Aug. 1, the deadline for when higher US tariffs kick in. Some factories are already adjusting their supply chains to comply with rules that will require more locally-made components in production. Frank Deng, an executive at a Shanghai-based furniture exporter with operations in Vietnam - and which gets about 80% of business from the US - said in an interview his firm is making adjustments as authorities appear to be more strictly enforcing country-of-origin rules. Vietnam has always had specific local content requirements for manufacturers, Deng added, including that a maximum of 30% of the volume of raw materials originates from China, and the value after production in Vietnam must be 40% higher than the imported raw materials. "We've been struggling to meet all the standards so that we can still stay in the game,' Deng said. "But I guess that's the only way to survive now.' For most of Southeast Asia, reducing the amount of Chinese-made components in manufacturing will require a complete overhaul of their supply chains. Estimates from Eurasia Group show that Chinese components make up about 60% to 70% of exports from Southeast Asia - primarily industrial inputs that go into manufacturing assembly. About 15% of the region's exports now head to the US, up about four percentage points from 2018. Local Content The US has become increasingly vigilant about China's ability to bypass US trade tariffs and other restrictions through third countries since Trump's first trade war in 2017. Thailand signaled its frustration over the lack of clarity for how much local content is needed in goods exported to the US to avert transshipment rates, but noted it will likely be much higher than a traditional measure of 40%. "From what we've heard, the required percentage could be significantly higher, perhaps 60%, 70%, or even 80%,' Deputy Prime Minister Pichai Chunhavajira said July 14. "Emerging countries or new production bases are clearly at a disadvantage,' he said, as their manufacturing capabilities are still at an early stage and must rely on other countries for raw goods. Vietnam, Thailand and Malaysia have all taken steps this year to address Trump's concerns, increasing scrutiny of trade that passes through their ports including new rule-of-origin policies that centralize processing and imposing harsh penalties on transshippers. Developing nations may still struggle to enforce Trump's rules or comply with the rules if it means going up against China, their largest trading partner and geopolitical partner. "The reality is it's not enforceable at all,' said Dan Wang, China director at Eurasia Group. "Chinese companies have all kinds of ways to get around it and those other countries have no incentive to enforce those measures, or capacity to collect the data and determine local content.' -- Reports from Patpicha Tanakasempipat, Skylar Woodhouse and Nguyen Dieu Tu Uyen. -- ©2025 Bloomberg L.P.
