President Donald Trump is finalizing a series of new trade agreements with key Pacific allies. The deals, reached with Japan, the Philippines and Indonesia, aim to lower trade barriers, attract foreign investment and reshape long-standing economic relationships. They are part of a broader push to reset tariff policies before a new round of import hikes takes effect on August 12.
What are the key terms of the US-Japan trade deal?
President Donald Trump said the U.S. has reached a major trade agreement with Japan that reduces tariffs on autos and secures $550 billion in Japanese investments. The deal lowers U.S. tariffs on Japanese vehicles and parts from 27.5% to 15%.
Other duties scheduled to take effect August 1 will be capped at 15%.
In return, Japan agreed to increase imports of U.S. products, including rice, and ease safety testing requirements on American-made vehicles.
Japanese Prime Minister Shigeru Ishiba called the agreement the lowest tariff rate applied among U.S. trade surplus partners. The deal excludes steel and aluminum exports. Japan’s benchmark Nikkei 225 stock index jumped nearly 4% on the news, with Toyota shares up more than 14%.
How are US automakers responding?
The American Automotive Policy Council criticized the deal for maintaining higher tariffs on vehicles made in North America. Council president Matt Blunt called the agreement “a bad deal for U.S. industry and U.S. auto workers” because it favors Japanese imports over vehicles assembled domestically or in Canada and Mexico.
What did the US and Philippines agree to?
The U.S. announced a new 19% tariff rate on imports from the Philippines, down from the 20% rate Trump had previously threatened. In exchange, Philippine President Ferdinand Marcos Jr. said U.S. goods would enter the Philippines duty-free. Marcos committed to increasing purchases of U.S. products, including automobiles, soy, wheat and medicines.
What does the US-Indonesia trade deal include?
The U.S. and Indonesia reached a trade agreement that sets Indonesian tariffs on U.S. goods at 19%. Indonesia will eliminate tariff and non-tariff barriers on over 99% of U.S. exports, covering sectors such as agriculture, automotive, pharmaceuticals and digital goods.
The agreement includes reforms to import licensing, local content rules and intellectual property practices. The White House said negotiators will finalize the framework in the coming weeks.
Click this link for the original source of this article.
Author: Craig Nigrelli
This content is courtesy of, and owned and copyrighted by, https://straightarrownews.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact USSANews.com using the email address in the Contact page found in the website menu.
