Japan Tariff Deal: Trump Says U.S. Has Agreed To Reduced 15% Tariff Rate For Japan
Trump announced the deal Tuesday evening. (Photo by Doug Mills-Pool/Getty Images) Getty Images
The 25% tariff rate slated to hit Japan by August will be lowered to 15%, according to Trump, who said Japan will invest $550 billion into the U.S. under the deal.
This is a developing story. Check back for updates.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
San Francisco Chronicle
4 minutes ago
- San Francisco Chronicle
North Bay Nissan dealership closes amid automaker's financial struggles
As its parent company struggles financially, a North Bay Nissan dealership has permanently closed. A note by the Petaluma dealership's employees on their website Friday afternoon announced the closure, which follows several others in the Bay Area in recent years. 'As of 3 pm on July 25th, we have officially concluded our operations as North Bay Nissan,' the statement said. 'It has been a true honor serving the Petaluma and North Bay communities and we are deeply grateful for your loyalty over the years.' More details were not immediately available Saturday morning. The closure comes as North Bay Nissan's parent company, Nissan Motor Co., has weathered significant losses in recent years, leading to factory closures and thousands of job cuts. The company entered the American market in the late 1950s and by the 1970s as one of the world's largest exporters of automobiles. But the automotive giant ran into serious trouble over the past decade after its former CEO was jailed for underreporting his income to Japanese financial authorities and scandal engulfed the company. Over the past five years, the company has laid off thousands of employees, cut production and closed factories. Last November, Nissan announced a plan to cut thousands more employees, and one executive reportedly warned that without a major turnaround, the company would cease to exist in '12 to 14 months.' Nissan's troubles only grew this year, when the carmaker posted its worst financial results in 25 years and after President Donald Trump threatened to impose tariffs on imported vehicles, which make up a significant portion of the company's U.S. sales. Several other Nissan dealerships have also closed in recent years, including showrooms in Burlingame, Fresno and Antioch.
Washington Post
5 minutes ago
- Washington Post
Trump calls leaders of Thailand and Cambodia to push for a ceasefire
President Donald Trump said Saturday that he had called the leaders of Cambodia and Thailand to urge them to reach a ceasefire, suggesting that if their deadly border conflict continues, he would hit both countries with heavy tariffs on Aug. 1. The three-day-long clash between the two countries has been escalating, with more than 30 dead, thousands displaced and troops massing on both sides of the border, prompting growing concern from global leaders. Each country blames the other for starting the conflict and says it is acting in self defense. Trump said on Truth Social that he had spoken with both Cambodian Prime Minister Hun Manet and Phumtham Wechayachai, Thailand's acting leader, to urge an end to the skirmish. The United States is engaged in trade talks with Thailand and Cambodia, he noted, but he could cease those negotiations. 'We happen to be, by coincidence, currently dealing on Trade with both Countries, but do not want to make any Deal, with either Country, if they are fighting — And I have told them so!' Trump posted. In a separate post, he said he had a 'good conversation' with the Thai leader. 'After speaking to both Parties, Ceasefire, Peace, and Prosperity seems to be a natural. We will soon see!' he wrote. He also suggested that his administration was adept at handling international conflicts. 'I am trying to simplify a complex situation! Many people are being killed in this War, but it very much reminds me of the Conflict between Pakistan and India, which was brought to a successful halt,' he added. Trump's mention of India and Pakistan referred to a U.S.-brokered ceasefire between those two countries that was reached in early May after several days of heavy fighting broke out. That ceasefire was reached after Secretary of State Marco Rubio engaged in intensive shuttle diplomacy between Indian and Pakistani leaders. The president's latest pronouncements were another reflection of the way he is wielding the threat of tariffs to push other nations to bend to his preferences on issues beyond trade. Imports from Thailand and Cambodia are slated to face among the Trump administration's heaviest levies, 36 percent, if the countries do not reach a trade deal with the U.S. by Aug. 1. Trump made his announcement Saturday while visiting Scotland to play golf at his course in Turnberry, a trip that has attracted both supporters and protesters. His public intervention in the Thailand-Cambodia conflict raises pressure on the two countries, but the outcome is far from clear. Cambodia called for an 'immediate ceasefire' on Friday. But Thai officials have tempered their response. Thailand 'agrees in principle to have a ceasefire in place,' Phumtham, the acting Thai prime minister, posted on Facebook on Saturday after Trump's announcement. 'However, Thailand would like to see sincere intention from the Cambodian side.' Thai Foreign Minister Maris Sangiampongsa also said Saturday that Cambodia must be the first to suspend hostilities since Thailand accuses Cambodia of initiating the conflict. Sangiampongsa earlier turned down the prospect of third-party mediation, saying that negotiations must be bilateral. In three days of fighting, the clashes have killed at least 33 people. Thirteen Cambodians and 20 Thais have died, according to the Associated Press, and most of those killed have been civilians. The conflict has caused wide disruption in the area, and more than 168,000 people living near the border have been displaced. Cambodian Information Minister Neth Pheaktra said Saturday that 37,635 Cambodians were forced to relocate. About 131,000 people on the Thai side have also fled their homes, and Thailand has declared martial law in eight border districts.
Yahoo
28 minutes ago
- Yahoo
Trump's new car loan interest deduction — here's how to qualify for a tax break
Car buyers may now benefit from a new tax break that allows them to deduct up to $10,000 in auto loan interest each year from their federal income taxes — reducing their taxable income. The provision, which is in effect for new cars purchased from 2025 through 2028, is part of the 'big beautiful bill' legislation signed into law by President Donald Trump on July 4. The bill included several new tax breaks, both permanent and temporary, and extended certain provisions of the 2017 Tax Cuts and Jobs Act (TCJA). Although the maximum deduction is set at $10,000 annually, most auto loans don't accrue that much interest. Plus, there are some strict limitations on what qualifies for the tax break and how long it lasts. Who qualifies for the new auto loan tax break? Unlike some tax deductions, taxpayers can take advantage of the new car loan interest deduction whether they itemize or take the standard deduction. But this tax break is available only for a limited time — it applies to qualified purchases made from 2025 through 2028 — and it has income-based limits. Single filers with a modified adjusted gross income (MAGI) of $100,000 or less qualify for the full deduction. Married couples filing jointly must have MAGI of $200,000 or less. The deduction begins to phase out by $200 for every $1,000 over these limits and disappears entirely beyond certain thresholds. Still, lower-income households may not see a significant benefit. Because deductions are 'based on your tax rate, households in lower brackets will save less,' says Lisa Greene-Lewis, a CPA and tax expert with Turbo Tax. Learn more: 2025 tax brackets and federal income tax rates What vehicles qualify for the car loan deduction? To be eligible, vehicles must meet the following criteria: Be a new car purchased with a loan on or after Jan. 1, 2025. Be assembled in the United States. Be a car, minivan, SUV, pickup truck or motorcycle. Weigh less than 14,000 pounds. Be used for personal (not commercial) purposes. 'Only new vehicles secured by an auto loan qualify,' Greene-Lewis says. 'Leased vehicles, used cars and vehicles purchased for business use are excluded.' Experts also caution buyers to verify manufacturing origins before purchasing. 'Even if you're buying an American brand like Ford or GM, the final assembly must occur in the U.S. and the vehicle must be delivered to the dealership ready to drive,' Guinan says. Boost your tax break with the EV tax credit As part of Trump's tax bill, the electric vehicle (EV) tax credit will be eliminated after Sept. 30. Until then, taxpayers can still claim up to a $7,500 credit for new qualifying EVs. The EV credit was originally enacted in 2008 and expanded under the Inflation Reduction Act of 2022. Its repeal, along with other clean energy credits, limits planning opportunities beyond this year. However, 2025 offers a unique window to combine the expiring EV tax credit with the new car loan interest deduction. 'Since the deduction is retroactive, any new EV purchased after Dec. 31, 2024, may qualify for both benefits,' Guinan says. 'As long as your vehicle meets both requirements, you can deduct your auto loan interest and claim the tax credit.' Taxpayers should note the difference in how each break works: The EV tax credit reduces your total tax bill dollar for dollar. The car loan interest deduction reduces taxable income, meaning the actual savings depends on your tax bracket. 'For instance, if you pay $1,200 in interest and are in the 12 percent tax bracket, you would save $144,' Greene-Lewis says. Remember, you have until the end of 2028 to take advantage of the new car loan interest deduction. After this time, the credit will expire unless Congress extends it. MORE: No tax on tips and overtime: Here's how your taxes may shrink
