Trump tariffs live updates: Trump praises Japan, offers Takaichi 'anything you want' as they sign deals on trade and rare earths
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Doug Ford, includes excerpts from an address Reagan gave in 1987 in which he defended free trade and slammed tariffs as outdated.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 by an additional 10% "above what they're paying now."
