President Donald Trump<\/a> announced a trade framework with Japan in July, placing a 15% tax on goods imported from that nation. That\u2019s lower than the 25% rate Trump<\/a> initially said would kick in starting in August. Previously, tariffs on most goods stood at 2.5%.<\/p>\n It\u2019s a heavy burden for an export dependent nation that is a major U.S. ally, but shipments to the rest of Asia are helping to offset those lost sales. <\/p>\n Japan\u2019s soybean imports from around the world surged 37.3% from a year earlier, while imporyts of iron and steel products dipped 17.1%.<\/p>\n Imports from the U.S. jumped 20.9% in October from a year earlier, mainly petroleum and food such as grains. <\/p>\n Exports of computer parts and other machinery and buses and trucks to the U.S. declined. <\/p>\n Japan\u2019s exports to China climbed 2.1% last month from a year earlier. Exports to Hong Kong surged 19.2%, while those to Taiwan were up 17.7%. <\/p>\n As a result, Japan narrowed its overall trade deficit to 231.77 billion yen ($1.5 billion) in October, down from 499.95 billion yen a year earlier.<\/p>\n <\/p>\n Stay up to date with the news and the best of AP by following our WhatsApp channel.<\/p>\n
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