‘Massive trade deal’: US President Donald Trump announces 15% reciprocal tariffs on Japanese items; PM Ishiba says ‘need to examine details’

US President Donald Trump introduced on Tuesday that America has finalised a trade settlement with Japan, which features a 15 p.c American tariff on Japanese imports and a $550 billion funding plan.Earlier, Trump had warned Japan about implementing a 25 p.c tariff beginning August 1 if negotiations failed. “We just completed a massive Deal with Japan, perhaps the largest Deal ever made,” Trump posted on his Truth Social platform.According to his assertion, the settlement stipulates that “Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits.”Without elaborating on this unconventional funding association, he acknowledged the settlement “will create Hundreds of Thousands of Jobs.” “Perhaps most importantly, Japan will open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things. Japan will pay Reciprocal Tariffs to the United States of 15%,” he added.Soon after the announcement, Japan’s PM reacted saying that he “needs to examine details of US trade deal”, reported AFP.Also learn: Trump says Philippines talks ‘concluded’; Manila to pay 19% tariffAlso learn: US, Indonesia signal trade deal- Trump calls it ‘huge win’; mineral entry, Boeing deal for AmericaThe announcement coincides with Japanese Prime Minister Shigeru Ishiba’s difficult weekend election, the place his coalition misplaced its majority within the higher home.Trump has confronted growing strain to conclude trade agreements earlier than his August 1 tariff deadline, having promised quite a few offers. This Japanese settlement follows current trade offers secured with the Philippines and Indonesia. Trump introduced a trade framework with the Philippines that imposed a 19% tariff on its items, whereas American-made merchandise confronted no import taxes. The President additionally reaffirmed his 19% tariffs on Indonesia.