Japan says trade deal with US to take effect within 2 weeks
President Donald Trump signed an executive order Thursday to implement a sweeping trade agreement with Japan, including establishing a baseline 15% tariff on nearly all Japanese imports, including cars, in which the tariff was reduced from 27.5%.
The deal also clears the way for what the White House described as an agreement “unlike any other in American history” involving $550 billion in Japanese investment in US projects.
Under the trade deal, a new Japan-US panel will also be formed to consult on investment projects.
In July, Trump announced the framework of the deal, calling it “perhaps the largest deal ever made” in a post on the US social media company Truth Social’s platform, which he owns.
Under the pact, Japan has also agreed to significantly increase purchases of US agricultural products, including corn, soybeans, and rice, valuing roughly $8 billion.
Tokyo has also committed to buying US-made commercial aircraft and defense equipment while relaxing restrictions on importing American cars that meet US safety standards.
Akazawa also delivered a letter to Trump from Japanese Prime Minister Shigeru Ishiba inviting him to Japan.
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