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Trump's 15% Tariff Deal With Japan 'A Good Start' Says Economist
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July 23, 2025
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5:43Now PlayingPresident Donald Trump reached a trade deal with Japan that will impose 15% tariffs on imports including automobiles from the key American ally, while creating a $550 billion fund to make investments in the US. The agreement, touted by Trump after he secured breakthroughs in a final 75-minute Oval Office meeting Tuesday with Japanese negotiators, spares the nation from a threatened 25% tariff that was set to take effect next week.
“They had their top people here and we worked on it long and hard, and it’s a great deal for everybody,” Trump said at a White House event Tuesday evening.
President Trump on Japan Trade Deal
Under the deal, automobiles and parts would be subjected to the same 15% rate as Japan’s other exports, Prime Minister Shigeru Ishiba said in Tokyo, amid local media reports that he’s planning to step down in the wake of the agreement following a poor showing for his party in an election on Sunday.
In return, Japan will accept cars and trucks built to US motor vehicle safety standards, without subjecting them to additional requirements — a potentially major step to selling more American-built vehicles in the country. The auto sector tariff had been one of the main sticking points in the negotiations.
Selena Ling - Chief Economist and Head of Global Markets Research at OCBC Bank discussed the deal with Bloomberg Horizons Middle East and Africa host Joumanna Bercetche.
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