President Trump and Japan’s first female leader, Sanae Takaichi, signed deals on Tuesday relating to trade and rare earths. Trump praised the US alliance with Japan, commending Takaichi on her plans to raise defense spending.
“Anything you want, any favors you need, anything I can do to help Japan, we will be there,” Trump said. “We are an ally at the strongest level.”
Trump’s remarks came on a swing through Asia where China is the focus. Trump said on Monday that the US and China are set to “come away with” a trade deal ahead of his meeting with China’s Xi Jinping.
Trump’s summit with Xi is set for Thursday in South Korea, with a weekend of advance talks creating optimism for a deal, as Yahoo Finance’s Ben Werschkul reported.
Treasury Secretary Scott Bessent said he does not anticipate that Trump’s threat of 100% additional tariffs on China will go into effect on Nov. 1. Bessent also said he expects China will revive its purchases of US soybeans and delay its export restrictions on rare earths by a year.
Chinese state media confirmed the weekend’s talks in Malaysia yielded progress, describing a “basic consensuses on arrangements.”
Meanwhile, a spat over an ad featuring the late Ronald Reagan grew into an international incident, with Trump threatening to raise tariffs on Canada by an additional 10%.
The ad, funded by the Ontario government and posted to X by Ontario Premier Doug Ford, includes excerpts from an address Reagan gave in 1987 in which he defended free trade and slammed tariffs as outdated.
Trump said Thursday he would immediately stop all trade negotiations with Canada due to the ad, calling Canada’s behavior “egregious.”
On Saturday, Trump said he would increase tariffs on Canada an additional 10% “above what they’re paying now.”
Read more: What Trump’s tariffs mean for the economy and your wallet
The US and India are making progress on a trade deal which could see tariffs on New Delhi cut to 15%-16% from their current 50% level, according to a report.
The White House is easing tariffs on the US auto industry, delivering a major win for carmakers who have lobbied to reduce the fallout from higher import duties..
In early November, the US Supreme Court is set to hear a challenge to Trump’s most sweeping tariffs — the “reciprocal” country-by-country duties that you can see in the graphic above. A ruling against the tariffs — which would be in line with lower-court decisions — could have significant ramifications for Trump’s tariff strategy.
LIVE 103 updates
Trump hails ally Japan, signs deals on trade, rare earths
President Trump did not hold back on his praise for Japan’s first female leader, Sanae Takaichi, as the two leaders signed a trade deal and other agreements. Trump promised Takaichi that the US would be there to help should Tokyo need anything.
Trump met with Takaichi as part of his tour of Asia and ahead of his meeting with China’s President Xi Jinping on Thursday.
The meeting between Washington and Tokyo focused on trade but also diplomacy as the two sides seek to reaffirm ties and rebuild relations, which went sour after Trump announced his “Liberation Day” tariffs back in April.
Bloomberg News reports:
