There are some reports that Trump is going to hit Japan with an extra 15% tariff, yen hit

There are some reports that Trump is going to hit Japan with an extra 15% tariff.

The yen is taking a hit on this.

The reports are coming from Japanese media, Kyodo being cited.

In summary, Japan had expected items currently tariffed at < 15% would face a 15% levy, while those above 15%, like beef, would stay at the current rate without any additional tariff. But according to the US government, imports from Japan will be subject to an additional 15% tariff regardless of the existing rate.

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USD/JPY is rising, its above 147.50 as I post.

Over past days we've been updating on the fact that there was, and is, no 'deal'. Japanese pofficials been blah blah blah that nothing was signed etc.

This from Monday:

• Akazawa, said trade agreement between the US & Japan is not a legally binding commitment

Then this from Tuesday:

• Japan's Akazawa is yet to confirm the tariff agreement with the US
• Akazawa is heading back to the US for more talks