Japan agreed a trade deal with the US that includes a 15% tariff on its exports.
Tokyo also agreed to invest as much as $550 billion in the US, with President Donald Trump saying his country would receive 90% of the profits, though he didn’t provide more details.
The deal is seen by many in Japan as a capitulation, a Bloomberg columnist wrote: Prime Minister Shigeru Ishiba had vowed to protect the car industry, but autos will be subject to the tariff too.
The deal — which came hours after the US signed a trade agreement with the Philippines — is a coup for Trump as countries scramble to meet Washington’s demands ahead of an Aug. 1 deadline.
