United States and Japan Reach a Deal on Trade
On Tuesday night, President Donald Trump announced a trade agreement with Japan. The deal will include United States importers paying a 15% reciprocal tariff on Japanese goods, which includes tariffs on automobiles and car parts, as well as Japan investing over $550 billion into the United States as well as improved market access to Japan for American goods, such as automobiles and agricultural products. Additionally, Japan will still be subject to tariffs of up to 50% on materials like steel and aluminum. Japan joins a list of key trading partners with the United States to reach agreements before the August 1st deadline for tariff enactment, joining the European Union, South Korea, and India in reaching deals with the Trump administration.
Source 1: CNN, Source 2: Reuters
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