Trump authorities traded before the tariff announcement. What we know now.
Trump administration officials sold their shares days before the major tariff announcements. Here’s what we know now about timing and growing ethics concerns:
Washington – President Donald Trump His administration says it has secured a long-standing trade contract with Japan, including lowering the sudden US tariffs facing looming countries. The deadline is August 1st.
Trump said the US would impose a 15% tariff on Japanese imports under the contract, but he welcomed it as a “large deal” in a July 22 post on True Society. Trump previously threatened Japan’s 24% tariffs since August 1st. This is expected to come into effect due to high tariffs in countries around the world.
“I just signed the biggest trade deal in history. I think it’s the biggest deal in history – Japan,” Trump said Tuesday night at a White House reception with Republican lawmakers.
Japan is the fourth largest trading partner in the United States after Canada, Mexico and China.
Trump has not disclosed full details of the transaction, but Japan says it will “invest $550 billion in the United States,” with the US receiving 90% of its profits. He also said Japan has agreed to open the country to trade products that include vehicles, rice and other agricultural products.
“This is a very exciting time for the United States, especially due to the fact that we are constantly building great relationships with Japan,” Trump said.
Trump officials had proposed that they were approaching dealing with Japan since the president in April postponed repeated mutual tariffs on goods from most countries.
Since the delay in April, the Trump administration has imposed a universal 10% tariff on goods from most countries, including Japan. However, Trump set an August 1 deadline due to high tariff rates in around 170 countries.
Speaking in Tokyo early Wednesday, the Japanese Prime Minister said he received the first report from trade negotiators in Washington but declined to comment on details of the negotiations.
Trump’s Japan announcement came after the president promoted a new trade deal with the Philippines earlier that day, followed by a visit to the White House with the country’s president Ferdinand Marcos. Trump’s other three trade deals are with the UK, Vietnam and Indonesia.
Contribution: Reuters
Reach Joey Garrison with X @joeygarrison.
