From Global News.

U.S. President Donald Trump announced a trade deal with Japan on Tuesday. Japan’s Prime Minister Shigeru Ishiba praised the trade deal that lowered the hefty tariffs imposed by the U.S.

Japan’s top negotiator Ryosei Akazawa said they reached an agreement that would be "beneficial" to both Japan and the U.S.

The agreement, including a 15 per cent tariff on all imported Japanese goods, down from a proposed 25 per cent, is the most significant of the string of trade deals the White House has reached ahead of an approaching Aug. 1 deadline for higher levies to take effect.

While the financial market was happy, Norihiro Yamaguchi, lead Japan economist at Oxford Economics, said he’s not optimistic about Japan’s economic growth.

"The effective tax rate on Japanese products will stand at around 17%, according to our calculation, which is significantly higher than previous level.," Yamaguchi said.

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