15% tariffs for Japan in trade deal with United States

President Donald Trump says the US has agreed to a “massive” trade deal with Japan, one of the country’s largest trading partners.

The plan would result in Japan investing $550bn (£407bn) in America and goods from the Asian country facing a 15% US tariff, Trump said.

He added that Japan would open its economy to US goods, including cars, trucks, rice and certain agricultural products.

Japan’s Prime Minister Shigeru Ishiba welcomed theannouncement, saying it was “the lowest figure to date among countries with trade surpluses with the US”.

Speaking to reporters on Wednesday, Ishiba said the agreement would mean US tariffs on vehicles and parts would be cut to 15% from 25%.

“We were the first in the world to reduce tariffs on cars and auto parts without any quantity restrictions,” he said.

“The agreement does not include any reduction of tariffs on the Japanese side,” Ishiba added.

Source:BBC