Sept. 5 (UPI) -- President Donald Trump announced a deal with Japan which swaps a 15% baseline tariff for an increase in American exports and a multi-billion-dollar investment.
"Under the Agreement, the United States will apply a baseline 15%tariff on nearly all Japanese imports entering the United States, alongside separate sector-specific treatment for automobiles and automobile parts; aerospace products; generic pharmaceuticals; and natural resources that are not naturally available or produced in the United States," Trump stated in an executive order released Thursday.
"Japan, meanwhile, will provide American manufacturing, aerospace, agriculture, food, energy, automobile, and industrial goods producers with breakthrough openings in market access across key sectors," he added.
According to the order, Japan will increase its intake of American rice and other agricultural goods by 75%, while also preparing to accept American-made cars and defense equipment.
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