Summary

  • Donald Trump says the US has reached trade deals with Japan and the Philippines, in what would be a major development in his tariffs war

  • 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%

  • The US president also announced a deal with the Philippines and gave more details on an agreement with Indonesia that was announced last week

  • The announcements come ahead of an August 1 deadline, after which Trump has threatened increased tariffs

  • The White House has not currently released any information about the deals

Watch: 'I just signed the largest trade deal in history' says Trump

Live Reporting

Edited by Yvette Tan with reporting from Peter Hoskins, Suranjana Tewari, Osmond Chia and Shaimaa Khalil

  1. Trump's 'massive' trade deal still unconfirmed by White House

    Although Donald Trump announced a trade deal with Japan on Tuesday evening local time, the White House has yet to release details about the framework of the agreement.

    In a post on Truth Social, the president said Japan would invest $550bn (£406bn) into the US, and that it would create hundreds of thousands of jobs. He also said Japan would pay reciprocal tariffs to the US in the amount of 15%, much lower than his previously proposed 25% tariff rate.

    Japan's Prime Minister Shigeru Ishiba recently confirmed the deal, and the country's chief trade negotiator earlier said in a Facebook post that he had visited the White House, adding the hashtag "Mission accomplished".

    The unanswered questions following Trump's announcement resembles other deals announced by the president in the past, which later ended up being delayed or modified.

  2. Deal represents a big tariffs cut for Japan

    At 15%, the deal represents a big cut in the tariffs that that Japan was facing.

    In a letter sent to Tokyo this month, Trump threatened a 25% tariff on the country's exports to the US if there wasn't a new trade deal struck before 1 August.

    That was one percentage point higher than the 24% rate announced during his so-called Liberation Day on 2 April.

    The April tariffs plan, which included duties on many US trading partners across the globe, were paused for 90 days following worldwide market turmoil. It allowed Tokyo's trade representatives time to negotiate with their counterparts in Washington.

  3. Carmaker shares jump

    Row of Toyota cars parked alongside one anotherGetty Images

    Japan's benchmark stock index, the Nikkei 225, was more than 2.5% higher after Trump's announcement.

    Shares in motor industry giants - including Toyota, Nissan and Honda - jumped after broadcaster NHK said existing tariffs on Japanese carmakers would be cut.

    Japan's Prime Minister Shigeru Ishiba later confirmed that the country's carmakers would now face a 15% tariff on exports to the US, down from 25%.

  4. Trump announces trade deals with Japan and the Philippines

    Thanks for joining us as we bring you the latest updates on Donald Trump's new trade deal announcements.

    Trump says the US has agreed to a "massive" trade deal with Japan, one of the country's largest trading partners.

    Separately, he also announced that the US would levy a 19% tax on imports from the Philippines and Manila would remove duties on US goods - an agreement that is yet to be confirmed by the Philippines.

    While the finer details of the deals remain vague, with the White House not having released any information, they nonetheless signal a major development in Trump's tariffs war.