President Donald Trump on Wednesday announced trade deals with Japan and several other Asian countries, the Associated Press reports, providing some relief to companies and consumers from tariffs.
Trump and Japanese Prime Minister Shigeru Ishiba’s deal will impose 15% tariffs on U.S. imports from Japan, down from the U.S. president’s proposed 25% tax. The news was well received by automakers like Toyota Motor Corp. and Honda.
A deal with China is reportedly under negotiation, and the Aug. 12 deadline may be postponed once again to allow more time for talks.
Indonesia will face a 19% tariff, down from Trump’s proposed 32% rate, and it committed to eliminating nearly all of its trade barriers for imported American goods.
On Tuesday, Trump said he had reached a trade agreement with Philippine leader Ferdinand Marcos Jr., in which the U.S. would impose a 19% tariff rate on the Philippines, down from a proposed 20%.
Trump also said that Vietnamese goods would face a 20% tariff, with double that rate for goods transhipped from China, but no formal announcement has been made.
The U.S. has yet to clinch agreements with many other countries, however, including South Korea and Thailand. Economists say that, overall, tariffs will inevitably dent growth in Asia and the world.
