US President Donald Trump has announced trade deals with Japan and a handful of other Asian countries that will relieve some pressure on companies and consumers from sharply higher tariffs on their exports to the US. Trump and Japanese Prime Minister Shigeru Ishiba announced a deal on Wednesday that will impose 15 per cent tariffs on US imports from Japan, down from Trump’s proposed 25 per cent. It was a relief for automakers like Toyota Motor Corp and Honda, whose shares jumped by double digits in Tokyo.

Trump also announced trade deals with the Philippines and Indonesia. After meeting with Philippine President Ferdinand Marcos, Jr, Trump said the import tax on products from his country would face 19 per cent tariff, down just 1 per cent from the earlier threat of 20 per cent. Indonesia also will face a 19 per cent tariff, down from the 32 per cent rate Trump threatened. A deal with China is under negotiation, with US Treasury Secretary Scott Bessent saying an August 12 deadline might be postponed again to allow time for talks.

Earlier, Trump announced Vietnam’s exports would face a 20 per cent tariff, with double that rate for goods transshipped from China. South Korea’s is set at 25 per cent, while  Myanmar and Laos would be taxed 40 per cent, Cambodia and Thailand 36 per cent, Serbia and Bangladesh 35 per cent, South Africa, Bosnia and Herzegovina 30 per cent and Kazakhstan, Malaysia and Tunisia 25 per cent. India currently faces a 26 per cent tariff.