The US has agreed a trade deal with Japan that will impose 15 per cent tariffs on goods imported into America from the world’s fourth-largest economy.
The 15 per cent levy is lower than the 25 per cent President Donald Trump had threatened in a letter earlier this month, but higher than the 10 per cent rate that had been in force while the countries negotiated.
The higher levies signal that Trump is willing to keep elevated tariffs on major US allies as he ratchets up his aggressive trade policy. Dozens of nations face an August 1 deadline to reach a deal after which Trump has said he will impose higher tariffs.
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