Japan last week struck a trade deal with the U.S. that lowers tariffs on cars and other goods to 15% in exchange for a U.S.-bound $550 billion Japanese investment package.

Jonathan Cohn and economist Jason Furman discuss the impact of Trump’s tariffs, the shift to higher trade barriers, and their economic consequences for the U.S.

The Trump administration’s recent trade deals with Japan and the EU raise tariffs on the two large trade partners dramatically, relative to their pre-April levels. Although levying tariffs is a

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3%, led by gains for Taiwanese stocks, after U.S. stocks ended the previous session with mild losses as traders braced for a slew of corporate earnings.

With tariffs increasing costs of Uwajimaya's importers, it is a matter of time before the impact is "felt by everyone," said CEO Denise Moriguchi.

TACO or tariffs? An August 1 deadline looms after the European Union became the latest of the top US trading partners to reach a deal with Trump.

Japanese trade minister Muto Yoji says Tokyo and Washington need to act swiftly to implement their recent tariff deal.