Trump announces trade deals with Japan, Philippines, and Indonesia
U.S. President Donald Trump has unveiled new trade agreements with the Philippines, Indonesia, and Japan, days before an August 1 deadline to avoid higher tariffs, reports a Kazinform News Agency correspondent.
Trump met Tuesday with Philippine President Ferdinand “Bongbong” Marcos Jr. at the White House, later announcing a deal under which the U.S. would export goods to the Philippines tariff-free, while Philippine imports would face a 19% tariff.
A similar agreement was reached with Indonesia. Trump stated that “Indonesia will be Open Market to American Industrial and Tech Products, and Agricultural Goods, by eliminating 99% of their Tariff Barriers.”
Indonesian products entering the U.S. will face a 19% tariff, and goods transshipped or containing third-country content will be taxed at 40%.
In a separate announcement late Tuesday, Trump said he had struck a trade pact with Japan. He reset tariffs on Japanese imports to 15%, down from a previously threatened 25%, and claimed Japan would invest $550 billion “at my direction,” with the U.S. receiving 90% of the profit. Japan also agreed to open its market to U.S. vehicles and agricultural goods.
Earlier, it was reported that U.S. President Donald Trump announced a sweeping 35% tariff on all Canadian goods imported into the United States. The measure, which exceeds prior expectations, is scheduled to take effect on August 1.