Overview

• The new rates take effect seven days after publication in the Federal Register, which had not occurred at the time of reporting.
• The decree sets a 15% ceiling for most Japanese imports and preserves exemptions for aerospace, generic medicines, and natural resources not available in the United States.
• Tokyo welcomed the formalization, with government secretary-general Yoshimasa Hayashi calling it faithful implementation of the agreement reached in July.
• U.S. statements cite $550 billion in Japanese investment, $8 billion in purchases, and commitments to buy American-made aircraft, while Japanese officials say much of the investment will take the form of loans and guarantees.
• Tariffs on steel and aluminum remain at 50%, and Japan’s auto treatment mirrors the 15% terms extended earlier to the European Union.