US, Japan agree trade deal, lowering threatened Trump tariff to 15%
KEN MORIYASU and RYOHTAROH SATOH
WASHINGTON/TOKYO -- The U.S. and Japan have agreed a trade deal that would bring down proposed "reciprocal" and auto tariffs from 25% to 15%, culminating months of negotiations ahead of an Aug. 1 deadline.
Writing on Truth Social Tuesday night, President Donald Trump said, "We just completed a massive Deal with Japan, perhaps the largest Deal ever made."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Mainichi
12 minutes ago
- The Mainichi
Isuzu mulls moving small truck production to US for 2028
TOKYO (Kyodo) -- Japanese truck maker Isuzu Motors Ltd. is considering moving the production of light-duty trucks from its factory near Tokyo to the United States for 2028 to reduce the effect of tariffs imposed by U.S. President Donald Trump, its president said. Shinsuke Minami, 65, told Kyodo News last week he hopes the move will cater to the growing demand of trucks amid the proliferation of online shopping and necessary delivery services, adding that the production capacity of the Fujisawa plant in Kanagawa Prefecture will not be cut as the company aims to expand its global market share. "Although there are some parts we will have to export from Japan when manufacturing in the United States, we hope to increase our local procurement rate," Minami said. "We need to carefully review the effects of tariffs on our profits." The number of units sold by Isuzu in the United States annually hovers between 30,000 to 40,000, of which the production of around 20,000 is outsourced to a local company, while the remaining vehicles are exported from its factory in Fujisawa. Isuzu is currently constructing a factory in South Carolina for the manufacture of mid-size and electric trucks that will cost about 43 billion yen ($290 million). It is slated to begin operations in 2027, incorporating the production of small trucks in 2028, and is aiming to manufacture a total 50,000 units per year by 2030. The truck maker also plans to spend approximately 7 billion yen in creating a test course in Mukawa, Hokkaido, to trial autonomous driving technology, set to begin in fiscal 2027, according to Minami.
Nikkei Asia
42 minutes ago
- Nikkei Asia
Korean battery firms grow US market share as restrictions on China tighten
An LG Energy Solution electric-vehicle battery pack at the InterBattery exhibition in Seoul on March 5. South Korean battery manufacturers are expanding their presence in the U.S. market. PAK YIU NEW YORK -- South Korean and Japanese battery companies are set to expand their market share in the United States as regulations increasingly restrict Chinese competitors' foothold. South Korea's LG Energy Solution, Samsung SDI and SK On have been scaling up their local production and strengthening partnerships, while Japanese tech giant Panasonic recently began local production of its lithium-ion batteries. These developments come even as U.S. President Donald Trump's spending legislation pares back tax incentives for wind, solar and electric vehicles.
Nikkei Asia
3 hours ago
- Nikkei Asia
Big drop in tourist tax-free spending signals sluggish days ahead for Japan
Tokyo's time-honored Isetan Shinjuku department store. The emporium's operator has introduced a smartphone app for overseas customers, providing discount coupons as well as information about its outlets in English, Chinese and Korean. (Photo by Makoto Okada) YURIKA YONEDA TOKYO -- Japanese department store sales have been slowing in recent months amid signs that one well-heeled segment of shoppers is losing its appetite for lavish spending, partly due to the knock-on effects of U.S. President Donald Trump's tariff blitz. In June, department store sales fell 7.8% year-on-year to 461.5 billion yen ($3.1 billion). The decline was attributable to a 40.6% plunge in tax-free shopping by foreign visitors, to 39.2 billion yen, according to data released Friday by the Japan Department Stores Association.
