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US and EU near a trade deal
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Shares of General Motors , Ford Motor , and Jeep-maker Stellantis , some of the biggest automakers in the U.S., rallied on Wednesday after news of a trade deal that will reduce tariffs on imported Japanese cars,
US industries and protectionists are raising alarms with President Donald Trump’s pact with Japan, saying it risks undercutting his stated goals of rebalancing America’s trading relationships and reviving domestic manufacturing.
President Trump has announced a flurry of trade deals that will relieve some pressure on companies and consumers from sharply higher tariffs on imports from Japan and a handful of other Asian countries.
The White House has yet to release official details on the Japan trade deal. President Trump said Japan will open its markets to U.S. goods, including cars, trucks and agricultural products. However, U.S. exporters note that many barriers to selling in Japan go beyond what trade deals can address.
Shares in global carmakers surged after a U.S. trade agreement with Japan sparked optimism for the auto industry. Japanese auto stocks were particularly buoyant, with Toyota closing up 14%, its bigges
After months of fraught negotiations with the United States, Japan clinched a deal just days before punitive tariffs were scheduled to take effect.
Tariffs on more than 90% of British exports to Asian country will be cut, including cosmetics, clothes, food and drink
Trade pact would lower tariffs on car imports from Japan to 15% from 25%, spurring hope that other countries could get similar deals.
The 15% tax on imported Japanese goods is a meaningful drop from the 25% rate that Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting Aug. 1.
While recession odds have been dialed back in recent weeks, economists surveyed by The Wall Street Journal still see 33% odds of one coming within a year, compared with 22% at the start of 2025. Meanwhile, earnings estimates for the S&P 500 compiled by research group FactSet are 3% lower since then, the Journal said.
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