US reaches deal with Japan, tariff cut

The United States, riding a tariff wave launched by President Donald Trump, has concluded a trade agreement with Japan, the fourth largest economy in the world, in Washington on Tuesday.

- 

According to the agreement, the US will impose 15 per cent tariff on all goods imported from Japan. This is a much lower rate than the 25 per cent that Trump had threatened Japan with from August 1. Even as the deadline hovered over the talks, the two sides managed to arrive at an agreement much before the dreaded date.

Trump had declared on his Truth Social, his personal portal, “This Deal will create Hundreds and Thousands of Jobs - There has never been anything like it. 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.”

Japanese Prime Minister Shigeru Ishiba said, “Since February, we have been negotiating with our national interests at stake. Both sides have engaged in all-out, close-to-the-edge negotiations over automobiles and other products. I believe this outcome reflects those efforts.”