Image source, Getty Images

As we've been reporting, US President Donald Trump says Washington has reached trade deals with Japan, the Philippines and Indonesia - ahead of his August 1 deadline.

As we bring this live page to a close, here's a quick recap on what we know so far:

• Japan, one of the US's largest trading partners, confirmed it had reached a deal which would see tariffs and vehicle import levies cut from 25% to 15%
• Trump has called Japan's announcement "massive", describing it as "the largest trade deal in history"
• In return, the US will benefit from a $550bn (£408bn) investment from Japan, which will help lift its manufacturing industry to keep up with competition
• The deal may help Japan's Prime Minister Shigeru Ishiba reclaim some political capital, as he continues to face troubles domestically. He also earlier denied rumours that he would announce his resignation by August
• Trump also announced a 19% tax on imports from the Philippines and Indonesia

• While the finer details on these agreements have remained vague, they signal a major development in Trump's tariffs war

You can read more about the deals here.

Indonesia will remove approximately 99% of tariff barriers on US goods, said the White House in a statement on the agreement with Jakarta, published on Tuesday.

In return, Washington will reduce the levies imposed on Indonesian goods to 19% from 32%. Certain Indonesian products that are not naturally available or domestically produced may receive lower tariffs.

Both countries will also address Jakarta's non-tariff barriers, making it easier for US companies to ship goods into South East Asia’s largest economy.

The White House said Indonesia will accept the US’ official vehicle safety and emissions standards for cars.

The country will also reduce barriers for medical devices and pharmaceuticals from the US to be authorised and remove restrictions on industrial commodities like critical minerals being shipped to America.

Pre-shipment inspections or verification requirements on imports of US goods will also be scrapped.

These changes will help strengthen economic and national security cooperation between the countries, while addressing “unfair trade practices”, said the White House.

Suranjana Tewari
Asia Business Correspondent

Japan's top tariff negotiator Ryosei Akazawa had been at the White House negotiating the deal.

He posted "#Mission Complete," on X, though he added that the deal did not include Japanese exports of steel and aluminum that are still subject to a 50% tariff, nor any agreement on defence budgets.

It is thought that defence spending has been a key demand for Washington in these talks.

In June, it was reported that the US has been pressuring Indo-Pacific allies to increase defence spending to 3.5% of GDP.

Later that month Washington stated it was seeking NATO-like defence spending committments of 5% of GDP.

Key allies had publicly expressed their displeasure at the request, with Tokyo cancelling a planned July meeting of US and Japanese defence and foreign ministers in response.

Vehicle tariffs have been a key sticking point in trade talks between the US and Japan.

US President Donald Trump has long fixated on his country's trade deficits in the automobile sector - with American vehicles failing to gain much popularity among Japanese consumers.

Japan’s automobile industry, which is worth some $300bn (£221bn), is home to some of the largest carmakers in the world, including Toyota, Honda and Nissan, producing around 10 million vehicles yearly. It is a vital part of Japan's economy that accounts for nearly a third of its exports and employs nearly 1 in 10 local workers.

Neighbouring South Korea however also hold a significant share of the world's automobile industry, with manufacturers like Hyundai and Kia are in stiff competition with its Japanese rivals. Both companies' share prices jumped following the announcement of the US-Japan trade deal as Seoul's trade talks with Washington are underway.

While Japan's trade deal may help Prime Minister Ishiba reclaim some political capital, he continues to face troubles domestically after his ruling coalition lost the majority on Sunday's upper house election.

On Wednesday, Ishiba rubbished local media reports that he would announce his resignation by August following the bruising election.

There is "absolutely no truth to media reports about my intention [to resign]," Ishiba told reporters.

Japan's ruling coalition retained 47 seats in the 248-seat upper chamber following Sunday's election, stirring calls within Ishiba's Liberal Democratic Party for him to step down as the party's leader.

Earlier this week, Ishiba said he had no plans to quit and that he would see Japan through its trade negotiations with the US.

Suranjana Tewari
Asia Business Correspondent

Japan's Prime Minister says he expects the trade agreement with the US will contribute to the world economy.

If it is implemented, it probably will. Japan's promise to invest $550 billion in the US would create jobs and produce quality goods.

A stronger yen on the back of the deal's announcement will increase the purchasing power of Japanese companies who rely on imports of raw materials, energy and food.

Plus Japan is the world's fourth largest economy. Lower tariffs might avert a risk of recession at home, allowing exporters to do business in the US at lower costs and boosting growth for the country and the world economy.

The 15% tariff is also a benchmark for other countries like South Korea and Taiwan, in their own trade negotiations with the U.S.

And the lower auto tariffs are good news for Japanese giants like Toyota, Honda and Nissan.

But US automakers have signaled their unhappiness with the deal, raising concerns about a trade regime that cuts tariffs on auto imports from Japan while leaving tariffs on imports from their plants and suppliers in Canada and Mexico at 25%.

Image source, Getty Images

Shares in Japan's biggest carmakers are soaring as Trump's announcement is seen as a boost to the country’s motor industry.

The deal will see the US import tax on cars and parts cut to 15% from 25%.

Investors welcomed the news, with shares in Nissan up around 8.5%, Honda gaining more than 11% and Toyota gaining over 14%.

Under the agreement, more US vehicles will be allowed into Japan - but that is unlikely to be seen as a major threat, Andy Staples from consultancy GeoPol Asia tells the BBC.

It is “a matter of other US brands not bothering to tailor a product for the Japanese market,” he says.

Japanese carmakers are more worried about competition from China, says economist Jesper Koll.

Chinese brands have dominated the global electric vehicle (EV) market, led by BYD - but cars from China have largely been banned from the American market in a move to protect American carmakers.

“Japan car CEOs will be happy to pay the 15% tariff to US as long as [the US] keeps Chinese cars out of the US market,” Koll says.

Asian countries like Cambodia, Laos and Sri Lanka will need to avoid the same strategy as Japan, says economist Kohei Takeda from the National University of Singapore.

Many of these smaller economies are manufacturing exporters hit hard with severe levies of up to 40%, with little to offer Washington in terms of trade or investment.

Japan, on the other hand, is among the richest economies and a major creditor of the US.

Smaller nations will naturally pull together to form their own trade group, resulting in a decline in the US’ presence in the Asian economy, says Takeda. And a potential major winner in this area could be China, which has a growing presence in regional trade.

“Countries in this region - Sri Lanka, Laos and also Cambodia - could raise these long-term consequences in their negotiation [with the US],” says Takeda.

Peter Hoskins
Business reporter, Singapore

In his characteristic way, Trump says his Japan announcement is "massive", describing it as "the largest trade deal in history". He also claims his breakthrough meeting with Philippine President Ferdinand Marcos Jr was "beautiful".

His doubters argue that these "deals" - and those with the UK, Vietnam and Indonesia - are more like Washington's framework agreement with Beijing than full-blown trade pacts.

But these are still major developments in his administration's project to reshape the global trading system to America's advantage.

Along with Trump's claims there will more deals ahead of his 1 August deadline, even his critics may have to concede that his trade policies are making a difference.

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"I just signed the largest trade deal in history, I think maybe the largest deal in history with Japan," US President Donald Trump has said in a video filmed at the White House.

The video, posted on Truth Social, comes after Trump announced new trade terms with Japan, which will see Tokyo investing $550bn (£407bn) into the US and paying a 15% reciprocal tariff.

“[Japan] had their top people here and we worked on it long and hard and it's a great deal for everybody,” says Trump in the minute-long clip.

“I always say it has to be great for everybody. Its a great deal - a lot different from the deals in the past, I can tell you that.”

The trade agreement comes after long-fought negotiations, with Tokyo's top trade negotiator visiting Washington DC at least seven times since April.

Japan is highly protective of its domestic rice production, imposing a steep tariff on imports of its staple grain beyond a tax-free quota of roughly 770,000 tonnes; an agreement reached with the World Trade Organization in 1995.

Of the total 767,000 tonnes Japan imported in the last fiscal year to March 2025, nearly half (45%) was from the US, according to Reuters.

Trump falsely claimed earlier this year that the country imposes a 700% tariff on US rice, but after the tax-free quota, the tariffs are thought to be around 227%.

Image source, Getty Images

Still, the White House has repeatedly made its frustrations over Japan's rice barriers known, calling the country's policies "egregious" and saying in a social media post that it was "spoiled" by its trade relationship with the US.

Meanwhile, Japan is facing a rice supply chain bottleneck. The government has been releasing emergency stockpiles of rice since March, and prices have risen to more than double the same period last year, according to an April article from the Japan Times.

Despite the slowed production, the country's government has been reluctant to change its rice import policies.

The price of rice could fall if Japan opens its doors to US imports of the staple food, which Trump mentioned on Tuesday when he announced the deal.

Rice imports could ease inflation on rice prices, which have been a major issue for Japan - a country facing an ageing population and unfavourable weather conditions - says Shigeto Nagai from Oxford Economics.

“If inflation on rice slows down, it will help households suffering with cost of living in the short-term,” he says.

Nagai adds he expects some pushback, especially from groups trying to protect Japan's farming industry.

Japan and the US have yet to confirm the specifics of the deal on rice.

Suranjana Tewari
Asia Business Correspondent

President Trump announced that the US and Japan have struck a deal that will lower hefty tariffs Washington had threatened to impose on its Asian ally, from 25% to 15%.

In a Truth Social post, Trump said Japan would invest $550 billion in the US, and in return American cars, trucks, rice and certain agricultural products would be sold more freely in Japan, according to the president.

Japan's Prime Minister has since confirmed that US tariffs on autos will also be cut to 15%.

Autos are a huge part of US-Japan trade, but it is almost all one-way from Japan into the US - a fact that has long irked Trump.

The announcement sent stocks in Japan and South Korea higher, led by automakers like Toyota, Honda, Nissan and Hyundai. The yen also strengthened against the dollar.

Bringing the tariff rate down from 25% to 15% is Japan's "best compromise at this stage”, economist Shigeto Nagai tells BBC News.

This is especially true given Japan’s big trade surplus with the US, which was a key reason behind Trump’s decision to impose tariffs on global trading partners.

Japan’s car and steel exporters will also be relieved, as the sectors had been targeted by Trump’s tariff policies, says Nagai, who works for research firm Oxford Economics.

“[Prime Minister Shigeru Ishiba] can sell this as an achievement,” he explains.

In return, the US will benefit from a huge $550bn (£408bn) investment from Japan, which will be crucial in lifting its manufacturing industry to keep up with competition from the US and Asia.

“This will be a huge boost to restore the US, fitting in with Trump’s story of reviving US manufacturing with more jobs,” says Nagai.

Shaimaa Khalil
Tokyo correspondent

The timing of the trade agreement couldn’t be more crucial for Japan's Prime Minister Shigeru Ishiba, who’s been under pressure to step down after his party's ruling coalition lost its majority in the country's upper house elections over the weekend.

That blow came after already lost its ruling majority in the more powerful lower house last year.

Ishiba, who now has no control over Japan’s legislative process, took responsibility for the bruising defeat.

The embattled prime minister had told a news conference he would remain in office to oversee tariff talks with the United States and other pressing matters, such as rising consumer prices that are straining the world's fourth-largest economy.

Now that the tariff deal has been made with the US, it throws up more questions about his political future.

While he can sell this as a major ‘win’ with Washington after months of tense negotiations, many factions in Ishiba’s own party are questioning his leadership - and there’s still a possibility that the opposition could put forward a no-confidence motion.

Image source, Getty Images

Japan's Prime Minister Shigeru Ishiba has welcomed Trump's announcement and confirmed that he has reached a deal with the US.

"Japan's tariff rate, which had been set to increase to 25% on reciprocal tariffs, was kept at 15%. This is the lowest figure to date among countries with trade surpluses with the US," Ishiba said on Wednesday.

Ishiba also confirmed US import levies on Japanese vehicles would be cut to 15% from 25%.

"The agreement does not include any reduction of tariffs on the Japanese side, including on agricultural products," he added.

"This is precisely the result of my consistent advocacy and strong lobbying of the US since I proposed 'investment over tariffs' to President Trump at our White House summit in February this year."

Indonesia is the third country President Trump mentioned today, providing more details on an agreement that was announced last week

"It is agreed that Indonesia will be Open Market to American Industrial and Tech Products, and Agricultural Goods, by eliminating 99% of their Tariff Barriers," Trump wrote on his social media platform Truth Social on Tuesday night.

"The United States of America will now sell American Made products to Indonesia at a Tariff Rate of ZERO, while Indonesia will pay 19% on all of their products coming into the U.S.A."

Indonesia will also supply the US with critical minerals, Trump said, and sign deals worth "tens of billions of dollars" to purchase American products.

Image source, Getty Images

The US will levy a 19% tax on imports from the Philippines, Trump said after a meeting with the country's president at the White House.

He wrote on social media on Tuesday that the new tariff was part of a wider pact, in which the Philippines would remove duties on US goods and the two countries would cooperate militarily.

"It was a beautiful visit, and we concluded our Trade Deal," Trump wrote on Truth Social, offering no further details about the apparent agreement.

The plan, which was not immediately confirmed by the Philippines, would leave the country facing a tax even higher than what Trump had threatened when he first announced sweeping global tariffs in April.

But its lower than the 20% tariff he said he would charge on the country's goods in a letter earlier this month.

The Philippines is a relatively small trade partner with the US, sending about $14.2bn worth of goods to America last year. That included car parts, electric machinery, textiles and coconut oil.

Japan was the fourth largest single-country export market for US agriculture and related products in 2022, valued at nearly $17bn (£12.5bn), according to a report from the International Trade Administration.

That year, the US was the country's largest supplier of food and agricultural products, followed by the EU, China, Australia, and Thailand.

Japan was also the biggest export market for US beef and pork, valued at roughly $5bn combined, and the second largest market for US corn, valued at $3.3bn.

Image source, Getty Images

Suranjana Tewari
Asia Business Correspondent

Japan is the most significant of the clutch of deals President Trump has struck so far.

Trump has announced framework agreements with Britain, Indonesia and Vietnam, though details are still yet to be worked out with all of those countries.

On Tuesday, Trump said the Philippines would pay a 19% tariff rate after what he called a "beautiful visit" by President Ferdinand Marcos Jr. to the White House, adding that US goods would pay zero tariffs.

Washington has also paused a tit-for-tat tariff battle with China, and has held talks in Geneva and London over a framework, although details are scant on that deal too.