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Winnipeg Free Press
2 hours ago
- Winnipeg Free Press
Trump announces trade deal with Japan that lowers threatened tariff to 15%
WASHINGTON (AP) — President Donald Trump announced a trade framework with Japan on Tuesday, placing a 15% tax on goods imported from that nation. 'This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it,' Trump posted on Truth Social, adding that the United States 'will continue to always have a great relationship with the Country of Japan.' The president said Japan would invest 'at my direction' $550 billion into the U.S. and would 'open' its economy to American autos and rice. The 15% tax on imported Japanese goods is a meaningful drop from the 25% rate that Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting Aug. 1. With the announcement, Trump is seeking to tout his ability as a dealmaker — even as his tariffs when initially announced in early April led to a market panic and fears of slower growth that for the moment appear to have subsided. Key details remained unclear from his post, such as whether Japanese-built autos would face a higher 25% tariff that Trump imposed on the sector. But the framework fits a growing pattern for Trump, who is eager to portray the tariffs as win for the U.S. His administration says the revenues will help reduce the budget deficit and more factories will relocate to America to avoid the import taxes and cause trade imbalances to disappear. But the wave of tariffs continues to be a source of uncertainty about whether it could lead to higher prices for consumers and businesses if companies simply pass along the costs. The problem was seen sharply Tuesday after General Motors reported a 35% drop in its net income during the second quarter as it warned that tariffs would hit its business in the months ahead, causing its stock to tumble. As the Aug. 1 deadline for the tariff rates in his letters to world leaders is approaching, Trump also announced a trade framework with the Philippines that would impose a tariff of 19% on its goods while American-made products would face no import taxes. The president also reaffirmed his 19% tariffs on Indonesia. The U.S. ran a $69.4 billion trade imbalance on goods with Japan last year, according to the Census Bureau. Monday Mornings The latest local business news and a lookahead to the coming week. America had a trade imbalance of $17.9 billion with Indonesia and an imbalance of $4.9 billion with the Philippines. Both nations are less affluent than the U.S. and an imbalance means America imports more from those countries than it exports to them. The president is set to impose the broad tariffs listed in his recent letters to other world leaders on Aug. 1, raising questions of whether there will be any breakthrough in talks with the European Union. At a Tuesday dinner, Trump said the EU would be in Washington on Wednesday for trade talks. The Trump administration has a separate negotiating period with China that is currently set to run through Aug. 12 as goods from that nation are taxed at an additional 30% baseline. Treasury Secretary Scott Bessent said he would be in the Swedish capital of Stockholm next Monday and Tuesday to meet with his Chinese counterparts. Bessent said his goal is to shift the American economy away from consumption and to enable more consumer spending in the manufacturing-heavy Chinese economy. 'President Trump is remaking the U.S. into a manufacturing economy,' Bessent said on the Fox Business Network show 'Mornings with Maria.' 'If we could do that together, we do more manufacturing, they do more consumption. That would be a home run for the global economy.'
CTV News
3 hours ago
- CTV News
Vehicle drives into Detroit River
A vehicle ended up into the Detroit River after the driver was said to have hit the gas instead of the break pedal. CTV Windsor's Travis Fortnum has the details.
CTV News
3 hours ago
- CTV News
Driver escapes after SUV plunges into Detroit River at Windsor marina
SUV being pulled out of the water at the at Lakeview Marina in Windsor, Ont., on Monday, July 21, 2025. (Source: Unofficial On Location/Facebook) A man has been charged with careless driving — but is lucky to be alive — after accidentally launching his SUV into the Detroit River at Lakeview Park Marina. Windsor police say it happened around 9:30 p.m. Monday, when the man hit the gas instead of the brake while trying to park near the water. Lakeview marina SUV Submerged SUV at Lakeview Marina in Windsor, Ont. (Source: William Pigeon) The vehicle sped over the breakwall and plunged into the marina. There were no injuries and no signs of impairment. Officers say it was simply driver error. The man was able to escape through a partially open passenger-side window before the SUV was fully submerged. 'It would be very scary to be there,' said Peter Barry, harbor master with the Windsor Port Authority. 'So he's very lucky he was able to slide out the window when he did. And he's still here to talk to us.' SUV at Lakeview Marina SUV being pulled out of the water at the at Lakeview Marina in Windsor, Ont., on Monday, July 21, 2025. (Source: Virgin Radio Windsor) Barry was called to the scene shortly after the crash — tasked with monitoring the water for possible pollutants. Another man who was there told CTV News he thought he heard something at the time — but didn't think much of it. 'I hear maybe a splash in the distance. Didn't think nothing to it,' said William Pigeon, who was on a boat docked nearby. 'Then I hear some people yelling and there's fire trucks showing up.' Once pictures of the scene hit social media, a crowd gathered to watch crews recover the sunken SUV. A crane was brought in and the vehicle was pulled out of the water shortly after 11 p.m. Virgin Radio host Jonny Parks stopped by the scene and saw the recovery effort first-hand. 'When they pulled it out and they flipped the car over, I guess whoever owned the car went in and they were looking to see what they could salvage,' he said. 'And it looks like the guy got his wallet out of there, which is at least a little bit of saving grace.' Barry says the vehicle is a total loss. 'It's definitely going to be a full write-off, being it was fully submerged for several hours,' he said. The driver was issued a ticket for careless driving — and a reminder Barry hopes others will take to heart. 'You have to stay aware,' he said. 'We had a good outcome in the fact that the man was able to walk away. Scared? Yes. Cold? Yes. But still alive. And that's the most important thing out of this accident.' Barry cautioned: 'When you're parking around water, you've got to be 100 per cent certain of your vehicle — because most times there's no coming back from this.'
