President Trump has secured trade agreements with Japan, the Philippines, and Indonesia, significantly lowering proposed tariffs. Tariffs on Japanese imports drop from 25% to 15%, while the Philippines’ and Indonesia’s tariffs are reduced to 19% and from 32%, respectively. Negotiations with China continue, potentially extending a deadline set for August 12 to allow for further discussions. Despite these agreements, tariffs on steel and aluminum imports remain, which economists predict will negatively impact growth in Asia and globally.
U.S. President Donald Trump announced new trade deals with Japan, the Philippines, and Indonesia, reducing proposed tariffs that were as high as 25% to lower rates of 15% and 19%.
The ongoing negotiations with China are under a looming August 12 deadline, but Treasury Secretary Scott Bessent suggests that the deadline might be postponed for additional discussions.
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