Latest news with #A842
The Advertiser
23-07-2025
- Automotive
- The Advertiser
Trump strikes trade deal with Japan to cut tariffs
The United States and Japan have struck a deal to lower the hefty tariffs President Donald Trump threatened to impose on goods from its Asian ally that includes a pledge by Japan to invest $550 billion ($A842 billion) in the United States. The agreement - including a 15 per cent tariff on all imported Japanese goods, down from a proposed 25 per cent - is the most significant of the string of trade deals the White House has reached ahead of an approaching August 1 deadline for higher levies to kick in. In a post on Truth Social, Trump added that Japan will open to trade for cars, trucks, rice and certain agricultural products, among other items. "I just signed the largest TRADE DEAL in history with Japan," Trump said. "This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan," he said. Japanese Prime Minister Shigeru Ishiba, who is facing political pressure after a bruising election defeat on Sunday, hailed the deal as "the lowest figure among countries that have a trade surplus with the US". The two sides also agreed to cut tariff 25 per cent tariffs already imposed on Japanese autos to 15 per cent, Ishiba said. Auto exports account for more than a quarter of Japan's exports to the US. The announcement ignited a rally in Japanese stocks, with the benchmark Nikkei climbing 2.6 per cent to its highest in a year. Shares of automakers surged in particular, with Toyota up more than 11 per cent, and Honda and Nissan both up more than eight per cent. The exuberance extended to shares of South Korean carmakers as well, as the Japan deal stoked optimism that South Korea could strike a comparable deal. The yen firmed slightly against the dollar, and US equity index futures edged upward. But US automakers signalled their unhappiness with the deal, raising concerns about a trade regime that could cut tariffs on auto imports from Japan to 15 per cent while leaving tariffs on imports from Canada and Mexico at 25 per cent. Matt Blunt, who heads the American Automotive Policy Council which represents General Motors Ford and Chrysler-parent Stellantis, said "any deal that charges a lower tariff for Japanese imports with virtually no US content than the tariff imposed on North American-built vehicles with high US content is a bad deal for US industry and US auto workers". Autos are a huge part of US-Japan trade, but almost all of it is one way to the US from Japan, a fact that has long irked Trump. In 2024, the US imported more than $US55 billion ($A84 billion) of vehicles and automotive parts while just over $US2 billion ($A3.1 billion) were sold into the Japanese market from the US Two-way trade between the two countries totaled nearly $US230 billion ($A352 billion) in 2024, with Japan running a trade surplus of nearly $US70 billion ($A107 billion). Japan is the fifth-largest US trading partner in goods, US Census Bureau data show. The United States and Japan have struck a deal to lower the hefty tariffs President Donald Trump threatened to impose on goods from its Asian ally that includes a pledge by Japan to invest $550 billion ($A842 billion) in the United States. The agreement - including a 15 per cent tariff on all imported Japanese goods, down from a proposed 25 per cent - is the most significant of the string of trade deals the White House has reached ahead of an approaching August 1 deadline for higher levies to kick in. In a post on Truth Social, Trump added that Japan will open to trade for cars, trucks, rice and certain agricultural products, among other items. "I just signed the largest TRADE DEAL in history with Japan," Trump said. "This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan," he said. Japanese Prime Minister Shigeru Ishiba, who is facing political pressure after a bruising election defeat on Sunday, hailed the deal as "the lowest figure among countries that have a trade surplus with the US". The two sides also agreed to cut tariff 25 per cent tariffs already imposed on Japanese autos to 15 per cent, Ishiba said. Auto exports account for more than a quarter of Japan's exports to the US. The announcement ignited a rally in Japanese stocks, with the benchmark Nikkei climbing 2.6 per cent to its highest in a year. Shares of automakers surged in particular, with Toyota up more than 11 per cent, and Honda and Nissan both up more than eight per cent. The exuberance extended to shares of South Korean carmakers as well, as the Japan deal stoked optimism that South Korea could strike a comparable deal. The yen firmed slightly against the dollar, and US equity index futures edged upward. But US automakers signalled their unhappiness with the deal, raising concerns about a trade regime that could cut tariffs on auto imports from Japan to 15 per cent while leaving tariffs on imports from Canada and Mexico at 25 per cent. Matt Blunt, who heads the American Automotive Policy Council which represents General Motors Ford and Chrysler-parent Stellantis, said "any deal that charges a lower tariff for Japanese imports with virtually no US content than the tariff imposed on North American-built vehicles with high US content is a bad deal for US industry and US auto workers". Autos are a huge part of US-Japan trade, but almost all of it is one way to the US from Japan, a fact that has long irked Trump. In 2024, the US imported more than $US55 billion ($A84 billion) of vehicles and automotive parts while just over $US2 billion ($A3.1 billion) were sold into the Japanese market from the US Two-way trade between the two countries totaled nearly $US230 billion ($A352 billion) in 2024, with Japan running a trade surplus of nearly $US70 billion ($A107 billion). Japan is the fifth-largest US trading partner in goods, US Census Bureau data show. The United States and Japan have struck a deal to lower the hefty tariffs President Donald Trump threatened to impose on goods from its Asian ally that includes a pledge by Japan to invest $550 billion ($A842 billion) in the United States. The agreement - including a 15 per cent tariff on all imported Japanese goods, down from a proposed 25 per cent - is the most significant of the string of trade deals the White House has reached ahead of an approaching August 1 deadline for higher levies to kick in. In a post on Truth Social, Trump added that Japan will open to trade for cars, trucks, rice and certain agricultural products, among other items. "I just signed the largest TRADE DEAL in history with Japan," Trump said. "This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan," he said. Japanese Prime Minister Shigeru Ishiba, who is facing political pressure after a bruising election defeat on Sunday, hailed the deal as "the lowest figure among countries that have a trade surplus with the US". The two sides also agreed to cut tariff 25 per cent tariffs already imposed on Japanese autos to 15 per cent, Ishiba said. Auto exports account for more than a quarter of Japan's exports to the US. The announcement ignited a rally in Japanese stocks, with the benchmark Nikkei climbing 2.6 per cent to its highest in a year. Shares of automakers surged in particular, with Toyota up more than 11 per cent, and Honda and Nissan both up more than eight per cent. The exuberance extended to shares of South Korean carmakers as well, as the Japan deal stoked optimism that South Korea could strike a comparable deal. The yen firmed slightly against the dollar, and US equity index futures edged upward. But US automakers signalled their unhappiness with the deal, raising concerns about a trade regime that could cut tariffs on auto imports from Japan to 15 per cent while leaving tariffs on imports from Canada and Mexico at 25 per cent. Matt Blunt, who heads the American Automotive Policy Council which represents General Motors Ford and Chrysler-parent Stellantis, said "any deal that charges a lower tariff for Japanese imports with virtually no US content than the tariff imposed on North American-built vehicles with high US content is a bad deal for US industry and US auto workers". Autos are a huge part of US-Japan trade, but almost all of it is one way to the US from Japan, a fact that has long irked Trump. In 2024, the US imported more than $US55 billion ($A84 billion) of vehicles and automotive parts while just over $US2 billion ($A3.1 billion) were sold into the Japanese market from the US Two-way trade between the two countries totaled nearly $US230 billion ($A352 billion) in 2024, with Japan running a trade surplus of nearly $US70 billion ($A107 billion). Japan is the fifth-largest US trading partner in goods, US Census Bureau data show. The United States and Japan have struck a deal to lower the hefty tariffs President Donald Trump threatened to impose on goods from its Asian ally that includes a pledge by Japan to invest $550 billion ($A842 billion) in the United States. The agreement - including a 15 per cent tariff on all imported Japanese goods, down from a proposed 25 per cent - is the most significant of the string of trade deals the White House has reached ahead of an approaching August 1 deadline for higher levies to kick in. In a post on Truth Social, Trump added that Japan will open to trade for cars, trucks, rice and certain agricultural products, among other items. "I just signed the largest TRADE DEAL in history with Japan," Trump said. "This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan," he said. Japanese Prime Minister Shigeru Ishiba, who is facing political pressure after a bruising election defeat on Sunday, hailed the deal as "the lowest figure among countries that have a trade surplus with the US". The two sides also agreed to cut tariff 25 per cent tariffs already imposed on Japanese autos to 15 per cent, Ishiba said. Auto exports account for more than a quarter of Japan's exports to the US. The announcement ignited a rally in Japanese stocks, with the benchmark Nikkei climbing 2.6 per cent to its highest in a year. Shares of automakers surged in particular, with Toyota up more than 11 per cent, and Honda and Nissan both up more than eight per cent. The exuberance extended to shares of South Korean carmakers as well, as the Japan deal stoked optimism that South Korea could strike a comparable deal. The yen firmed slightly against the dollar, and US equity index futures edged upward. But US automakers signalled their unhappiness with the deal, raising concerns about a trade regime that could cut tariffs on auto imports from Japan to 15 per cent while leaving tariffs on imports from Canada and Mexico at 25 per cent. Matt Blunt, who heads the American Automotive Policy Council which represents General Motors Ford and Chrysler-parent Stellantis, said "any deal that charges a lower tariff for Japanese imports with virtually no US content than the tariff imposed on North American-built vehicles with high US content is a bad deal for US industry and US auto workers". Autos are a huge part of US-Japan trade, but almost all of it is one way to the US from Japan, a fact that has long irked Trump. In 2024, the US imported more than $US55 billion ($A84 billion) of vehicles and automotive parts while just over $US2 billion ($A3.1 billion) were sold into the Japanese market from the US Two-way trade between the two countries totaled nearly $US230 billion ($A352 billion) in 2024, with Japan running a trade surplus of nearly $US70 billion ($A107 billion). Japan is the fifth-largest US trading partner in goods, US Census Bureau data show.
Canberra Times
23-07-2025
- Business
- Canberra Times
Rally buoys Asian shares amid Japan/US trade deal
Trump late on Tuesday announced a trade deal with Tokyo that he said will result in Japan investing $US550 billion ($A842 billion) into the United States and paying a 15 per cent reciprocal tariff. It followed an agreement with the Philippines that will see the US collect a 19 per cent tariff rate on imports from there.
Perth Now
23-07-2025
- Business
- Perth Now
Rally buoys Asian shares amid Japan/US trade deal
Japanese shares have led an Asian share market rally after US President Donald Trump announced a trade deal with Japan and fuelled hopes of more to come, offsetting mixed US earnings that highlighted the drags from higher tariffs. Trump late on Tuesday announced a trade deal with Tokyo that he said will result in Japan investing $US550 billion ($A842 billion) into the United States and paying a 15 per cent reciprocal tariff. It followed an agreement with the Philippines that will see the US collect a 19 per cent tariff rate on imports from there. "Though details are not yet available, it is commendable that the 25 per cent baseline tariff was avoided," Norihiro Yamaguchi, senior Japan economist at Oxford Economics said on Wednesday. "In the short run I think lowered uncertainty will be welcomed in the equity market. But global trade policy uncertainty will remain high, meaning that today's conclusion will provide little upside to the real economy." The US president also said representatives from the European Union are coming for trade negotiations on Wednesday. In another positive development, US and Chinese officials will meet in Stockholm next week to discuss an extension to the August 12 deadline for negotiating a trade deal, Treasury Secretary Scott Bessent said. Japan's Nikkei rose 1.7 per cent on Wednesday as shares of automakers surged. Mazda Motor rallied 12 per cent while Toyota Motor jumped 10 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.2 per cent underpinned by higher openings in Australia and South Korea. The yen initially gained on the news, but was last flat at 146.68 per dollar. Nasdaq futures climbed 0.1 per cent and S&P 500 futures gained 0.2 per cent in Asia. Overnight, Wall Street closed mixed as investors assessed a spate of varied earnings and signs that Trump's trade war is hitting corporate profit margins. General Motors tumbled 8.1 per cent after the automaker reported a $US1 billion ($A1.5 billion) hit from tariffs to its quarterly results. Investors are now waiting for results from Tesla and Google's parent Alphabet - the Magnificent 7 stocks that have driven much of the market rally fuelled by AI optimism. In the foreign exchange market, the dollar index was flat at 97.45 against its major peers, having slipped 0.4 per cent overnight to mark the third straight day of declines. Benchmark 10-year US Treasury yields ticked up 2 basis points to 4.3579, after slipping three basis points overnight, as Trump continued to lash out at Federal Reserve Chair Jerome Powell for not cutting interest rates, although Bessent said there was no need for him to step down immediately. Bessent did say the Fed's vital independence on monetary policy is threatened by its "mandate creep" into non-policy areas and he called on the US central bank to conduct an exhaustive review of those operations. Spot gold prices were steady at $US3429 ($A5252) an ounce.
The Advertiser
23-07-2025
- Business
- The Advertiser
Trump announces trade deal with Japan
US President Donald Trump has announced a trade deal with Japan he says will result in Japan investing $US550 billion ($A842 billion) into the United States and pay a 15 per cent reciprocal tariff. In a post on Truth Social, Trump added that Japan will open to trade for cars, trucks, rice and certain agricultural products, among other items. "This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan," he said. Trump's announcement follows a meeting with Japan's top tariff negotiator, Ryosei Akazawa, at the White House on Tuesday, according the Asahi newspaper. The newspaper also reported that Akazawa held meetings with US Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent. US President Donald Trump has announced a trade deal with Japan he says will result in Japan investing $US550 billion ($A842 billion) into the United States and pay a 15 per cent reciprocal tariff. In a post on Truth Social, Trump added that Japan will open to trade for cars, trucks, rice and certain agricultural products, among other items. "This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan," he said. Trump's announcement follows a meeting with Japan's top tariff negotiator, Ryosei Akazawa, at the White House on Tuesday, according the Asahi newspaper. The newspaper also reported that Akazawa held meetings with US Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent. US President Donald Trump has announced a trade deal with Japan he says will result in Japan investing $US550 billion ($A842 billion) into the United States and pay a 15 per cent reciprocal tariff. In a post on Truth Social, Trump added that Japan will open to trade for cars, trucks, rice and certain agricultural products, among other items. "This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan," he said. Trump's announcement follows a meeting with Japan's top tariff negotiator, Ryosei Akazawa, at the White House on Tuesday, according the Asahi newspaper. The newspaper also reported that Akazawa held meetings with US Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent. US President Donald Trump has announced a trade deal with Japan he says will result in Japan investing $US550 billion ($A842 billion) into the United States and pay a 15 per cent reciprocal tariff. In a post on Truth Social, Trump added that Japan will open to trade for cars, trucks, rice and certain agricultural products, among other items. "This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan," he said. Trump's announcement follows a meeting with Japan's top tariff negotiator, Ryosei Akazawa, at the White House on Tuesday, according the Asahi newspaper. The newspaper also reported that Akazawa held meetings with US Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent.
Perth Now
23-07-2025
- Business
- Perth Now
Trump announces trade deal with Japan
US President Donald Trump has announced a trade deal with Japan he says will result in Japan investing $US550 billion ($A842 billion) into the United States and pay a 15 per cent reciprocal tariff. In a post on Truth Social, Trump added that Japan will open to trade for cars, trucks, rice and certain agricultural products, among other items. "This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan," he said. Trump's announcement follows a meeting with Japan's top tariff negotiator, Ryosei Akazawa, at the White House on Tuesday, according the Asahi newspaper. The newspaper also reported that Akazawa held meetings with US Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent.
