Trump Sets 15% Japan, 19% Philippines Tariffs, Calming Asia Trade Jitters

President Donald Trump has reached separate tariff accords with Japan and the Philippines, fixing U.S. import duties at 15% on Japanese goods—including autos—and 19% on shipments from the Philippines. The rates align broadly with a 20% ceiling the administration has informally set for Vietnam and Indonesia and mark a significant reduction from earlier threats of levies approaching 50% on some Asian exporters. The agreements offer manufacturers in the world’s biggest production hub their first clear view of U.S. trade policy after six months of escalating uncertainty that at one point saw tariffs on Chinese products shoot to 145%. U.S. Treasury Secretary Scott Bessent plans to meet Chinese counterparts in Stockholm next week for a third round of talks aimed at extending the current truce and broadening discussions, suggesting further stabilization of economic ties between Washington and Beijing. Financial markets welcomed the clarity. Japan’s Nikkei-225 index jumped 3.2%, led by Toyota Motor Corp., while S&P 500 futures added 0.2%. Analysts at Barclays said the deals reinforce a trend toward a general tariff band of 15-20%, which could weigh on Asia’s growth outlook but is less severe than scenarios feared earlier this year. Key questions remain. The White House is still weighing sector-specific duties on semiconductors and pharmaceuticals—critical exports for economies such as Taiwan, India and South Korea—and Trump has indicated that about 150 smaller trading partners could face generalized tariffs of 10-15%. Until those decisions are made, businesses with complex Asian supply chains are recalibrating operations to mitigate potential cost increases likely to filter through to U.S. consumers in the coming months.