US President Donald Trump seems to be climbing down from his decision of imposing additional tariffs, in regards to some countries like Japan. Trump on Thursday (Sep 4) signed an executive order to implement the US-Japan trade agreement, under which the new tariffs imposed on most Japanese goods, including automobiles will now come down to 15%.
Confirming the deal between both the countries, the Trump administration took to X to write, “@POTUS has signed an Executive Order officially implementing the U.S.-Japan Trade Agreement.”
The deal had been reached in July after months of negotiations but both the countries appeared to differ in its details.
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“This new tariff framework, combined with expanded United States exports and investment-driven production, will help reduce the trade deficit with Japan and restore greater balance to the overall US trade position,” the agreement read.
As per the deal, Tokyo will invest $550 billion in projects selected by the US government. It will also speed up its purchase of American agricultural products like corn and soybeans. US-made commercial aircrafts and defense equipment will also be bought by Japan under the new agreement.
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The new tariffs on Japanese goods will apply retroactively to goods shipped from August 7 — the date that higher duties on several countries took effect.
Trump’s global tariff campaign had put immense pressure on Japan’s massive auto sector. After the new tariffs came into effect last month, Toyota warned that it will take a beating of $10 billion its sales to the US, forcing it to slash by 16% its forecast for full-year operating profits.
Other rival auto companies like Ford and GM are likely to see the pre-tax adjusted profit slide by $3 billion and $5 billion, respectively.
AloJapan.com