US and Japan agree on trade deal with tariffs, Trump says

US President Donald Trump says the US has agreed to a “huge” commerce cope with Japan, one of many nation’s largest buying and selling companions.The obvious plan will lead to Japan investing $550bn (£407bn) into the US and paying a 15% reciprocal tariff, Trump stated in a submit on social media.He added that Japan will open its economic system to US items, together with automobiles, vans, rice and sure agricultural merchandise. Japan has but to verify the deal or the small print outlined by Trump. The BBC has contacted the Japanese embassy in Washington for remark.”I simply signed the most important commerce deal in historical past, I feel perhaps the most important deal in historical past with Japan,” Trump touted at a White Home occasion on Tuesday night. “That they had their high folks right here, and we labored on it lengthy and laborious. And it is a terrific deal for everyone. I at all times say it needs to be nice for everyone. It is a terrific deal,” he added.Trump additionally stated {that a} commerce settlement with the European Union could be introduced on Wednesday, with extra offers due quickly.The BBC has reached out to the White Home for particulars of the commerce settlement.In a letter despatched to Japan this month, Trump threatened a 25% tariff on the nation’s exports to the US if there wasn’t a brand new commerce deal struck earlier than 1 August.That was one proportion level increased from the 24% charge introduced throughout his so-called Liberation Day on 2 April.Japanese car imports into the US, like many different international locations, are already topic to a 25% tariff.The April tariffs plan, which included duties on many US buying and selling companions throughout the globe, have been paused for 90 days following worldwide market turmoil. It allowed Tokyo’s commerce representatives time to barter with their counterparts in Washington.The obvious deal comes as Japan’s Prime Minister Shigeru Ishiba is underneath stress to step down after his Liberal Democratic Get together (LDP) misplaced its majority within the nation’s higher home in elections over the weekend.The LDP had already misplaced its majority in Japan’s extra highly effective decrease home final 12 months.