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BREAKINGBREAKING,
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US president says Japanese exports will be subject to a 15 percent tariff under the trade agreement.
United States President Donald Trump has announced that he has struck a “massive” trade deal with Japan following months of fraught negotiations.
Under the agreement announced on Tuesday, the US will impose a 15 percent tariff on Japanese exports and Japan will invest $550bn in the US, Trump said.
“We just completed a massive Deal with Japan, perhaps the largest Deal ever made,” Trump wrote on his Truth Social platform.
“Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits.”
Japan will also open up to US exports of cars, rice and certain agricultural products, Trump said, saying the deal would create “hundreds of thousands of jobs.”
“There has never been anything like it,” Trump wrote.
Japan had been facing a 25 percent tariff if Washington and Tokyo could not reach a deal by an August 1 deadline set by Trump.
Until now, Japanese exports have been subject to a baseline US tariff of 10 percent.
The Japanese government had no immediate confirmation or comment.
Japanese stocks rose on the news, with the benchmark Nikkei 225 up about 1.8 percent in early trading.
More to follow…
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