(United States, 23rd) The United States and Japan have reached a trade agreement.
US President Trump posted on social media on the 22nd, stating: "We have just reached a large-scale agreement with Japan, which may be the largest agreement ever."
He pointed out that under the agreement, Japan will invest $550 billion (about RM 2.3249 trillion) in the United States, and the US will receive 90% of the investment profits.
He said Japan will open its markets for cars, trucks, rice, and some other agricultural products and goods to the US. The United States will impose a 15% tariff on products imported from Japan.
Rice imports are a sensitive issue in Japan. Shigeru Ishiba had previously ruled out making any concessions on this matter during the negotiations.
Trump said that Japan is one of the major trading partners of the United States, and the two countries have had trade frictions over trade deficits, exchange rates, and automobile market access.
This month, on the 7th, Trump sent a letter to Japanese Prime Minister Shigeru Ishiba, announcing that starting from August 1, tariffs on almost all Japanese goods exported to the US would be raised to 25%.
Meanwhile, Japan’s Minister in charge of Economic Revitalization, Ryo Akazawa, who was responsible for negotiations, also posted on social media the same day saying the "task is completed."
When asked by the media, Japanese Prime Minister Shigeru Ishiba said that more detailed information on the agreement would have to wait for Ryo Akazawa's report.
US President Trump posted on social media on the 22nd, stating: "We have just reached a large-scale agreement with Japan, which may be the largest agreement ever."
He pointed out that under the agreement, Japan will invest $550 billion (about RM 2.3249 trillion) in the United States, and the US will receive 90% of the investment profits.
He said Japan will open its markets for cars, trucks, rice, and some other agricultural products and goods to the US. The United States will impose a 15% tariff on products imported from Japan.
Rice imports are a sensitive issue in Japan. Shigeru Ishiba had previously ruled out making any concessions on this matter during the negotiations.
Trump said that Japan is one of the major trading partners of the United States, and the two countries have had trade frictions over trade deficits, exchange rates, and automobile market access.
This month, on the 7th, Trump sent a letter to Japanese Prime Minister Shigeru Ishiba, announcing that starting from August 1, tariffs on almost all Japanese goods exported to the US would be raised to 25%.
Meanwhile, Japan’s Minister in charge of Economic Revitalization, Ryo Akazawa, who was responsible for negotiations, also posted on social media the same day saying the "task is completed."
When asked by the media, Japanese Prime Minister Shigeru Ishiba said that more detailed information on the agreement would have to wait for Ryo Akazawa's report.