Trump threatens Japan with tariff up to 35%
News Desk || risingbd.com
US President Donald Trump has threatened to impose a 30% or 35% tariff on Japan if a deal between the two countries is not reached before a deadline next week.
He said that is “because we also have a very big trade deficit, and it's very unfair to the American people.”
Trump officials are holding talks with 18 trading partners.
Trump in April said he'd impose what he calls ‘reciprocal’ tariffs of 24 percent on Japan. But he then called for a 90-day pause for negotiations--a July 9 deadline.
That would be well above the 24% tariff Japan was hit with as part of Trump's so-called ‘Liberation Day’ on 2 April, when he announced steep import duties on countries around the world.
The tariffs on most US trading partners, including Japan, were later lowered to 10% for 90 days to give them time to negotiate deals with Washington.
That pause is due to expire on 9 July and Trump has said he is not planning to extend the deadline.
Trump also continued to cast doubt that an agreement could be reached with Tokyo.
Like many other countries, most of Japan's exports to the US currently face a 10% levy. There is also a 25% import tax on Japanese vehicles and parts, while steel and aluminium are subject to a 50% tariff.
On Tuesday, Japan's chief cabinet secretary Yoshimasa Hayashi said he would not make concessions that could hurt his country's farmers to strike an agreement with Washington.
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