Six months ago, few people would have anticipated that the United States would place a 15 percent tariff on exports from Japan, one of America’s closest and most longstanding allies. President Trump had campaigned on the idea of a 10 percent universal base-line tariff, plus a higher levy on China, but it was not clear whether he would follow through.
But on Tuesday, when Mr. Trump announced a trade deal that included a 15 percent tariff on Japanese products — the highest rate those goods have faced in decades — there was a palpable sense of relief. Stock markets in Asia and Europe rose. The Japanese Nikkei 225 surged by over 3.5 percent, while shares of Japanese automakers, which will also be charged a 15 percent tariff on their exports to the United States, jumped more than 10 percent. The reaction is a testament to just how quickly and completely Mr. Trump has transformed the world’s expectations regarding tariffs.
Trump’s Tariffs Are the Highest in a Century. But After His Threats, They Seem Like a Relief. https://t.co/eevtXIQ4cC via @NYTimes
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