Trump called the deal “the biggest of them all,” while von der Leyen said that “15% is not to be underestimated, but it is the best we could get.” Other details of the framework are still being confirmed.

Earlier on Sunday the South China Morning Post, a Hong Kong-based English-language newspaper, reported that “Beijing and Washington are expected to extend their tariff truce by another three months at trade talks in Stockholm beginning on Monday.”

On Friday, Trump said that letters dictating tariff rates for over 200 countries would go out soon while his administration works to clinch deals with larger trade partners, including the EU, India, and Canada. Trump said the US hasn’t had a “lot of luck” with Canada and suggested he may impose threatened 35% levies on goods not covered by the US-Canada-Mexico trade agreement.

Last week, President Trump touted a deal with Japan that included a $550 billion investment in the US and a 15% tariff on goods imported into the US from Japan. On Saturday, Japanese trade negotiator Ryosei Akazawa suggested the money could be used to help finance an unnamed Taiwanese chipmaker building plants in the US.

“For example, if a Taiwanese chipmaker builds a plant in the U.S. and uses Japanese components or tailors its products to meet Japanese needs, that’s fine too,” he said.

In March, Taiwan’s TSMC announced a $100 billion investment in the US, on top of plans to build three plants in Arizona, one of which is already operating.

In any case, the Japan trade deal may have set a precedent for Trump’s new baseline tariff rate. On Thursday, Trump said tariffs would range from 15% to 50%, with tougher partners facing higher rates.

Trump’s April “Liberation Day” tariffs had set a baseline rate of 10% on all US trading partners.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1518 updates

Trump called the deal “the biggest of them all,” while von der Leyen said that “15% is not to be underestimated, but it is the best we could get.” Other details of the framework are still being confirmed.

Earlier on Sunday the South China Morning Post, a Hong Kong-based English-language newspaper, reported that “Beijing and Washington are expected to extend their tariff truce by another three months at trade talks in Stockholm beginning on Monday.”

On Friday, Trump said that letters dictating tariff rates for over 200 countries would go out soon while his administration works to clinch deals with larger trade partners, including the EU, India, and Canada. Trump said the US hasn’t had a “lot of luck” with Canada and suggested he may impose threatened 35% levies on goods not covered by the US-Canada-Mexico trade agreement.

Last week, President Trump touted a deal with Japan that included a $550 billion investment in the US and a 15% tariff on goods imported into the US from Japan. On Saturday, Japanese trade negotiator Ryosei Akazawa suggested the money could be used to help finance an unnamed Taiwanese chipmaker building plants in the US.

“For example, if a Taiwanese chipmaker builds a plant in the U.S. and uses Japanese components or tailors its products to meet Japanese needs, that’s fine too,” he said.

In March, Taiwan’s TSMC announced a $100 billion investment in the US, on top of plans to build three plants in Arizona, one of which is already operating.

In any case, the Japan trade deal may have set a precedent for Trump’s new baseline tariff rate. On Thursday, Trump said tariffs would range from 15% to 50%, with tougher partners facing higher rates.

Trump’s April “Liberation Day” tariffs had set a baseline rate of 10% on all US trading partners.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1518 updates

Trump called the deal “the biggest of them all,” while von der Leyen said that “15% is not to be underestimated, but it is the best we could get.” Other details of the framework are still being confirmed.

Earlier on Sunday the South China Morning Post, a Hong Kong-based English-language newspaper, reported that “Beijing and Washington are expected to extend their tariff truce by another three months at trade talks in Stockholm beginning on Monday.”

On Friday, Trump said that letters dictating tariff rates for over 200 countries would go out soon while his administration works to clinch deals with larger trade partners, including the EU, India, and Canada. Trump said the US hasn’t had a “lot of luck” with Canada and suggested he may impose threatened 35% levies on goods not covered by the US-Canada-Mexico trade agreement.

Last week, President Trump touted a deal with Japan that included a $550 billion investment in the US and a 15% tariff on goods imported into the US from Japan. On Saturday, Japanese trade negotiator Ryosei Akazawa suggested the money could be used to help finance an unnamed Taiwanese chipmaker building plants in the US.

“For example, if a Taiwanese chipmaker builds a plant in the U.S. and uses Japanese components or tailors its products to meet Japanese needs, that’s fine too,” he said.

In March, Taiwan’s TSMC announced a $100 billion investment in the US, on top of plans to build three plants in Arizona, one of which is already operating.

In any case, the Japan trade deal may have set a precedent for Trump’s new baseline tariff rate. On Thursday, Trump said tariffs would range from 15% to 50%, with tougher partners facing higher rates.

Trump’s April “Liberation Day” tariffs had set a baseline rate of 10% on all US trading partners.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1518 updates

Trump called the deal “the biggest of them all,” while von der Leyen said that “15% is not to be underestimated, but it is the best we could get.” Other details of the framework are still being confirmed.

Earlier on Sunday the South China Morning Post, a Hong Kong-based English-language newspaper, reported that “Beijing and Washington are expected to extend their tariff truce by another three months at trade talks in Stockholm beginning on Monday.”

On Friday, Trump said that letters dictating tariff rates for over 200 countries would go out soon while his administration works to clinch deals with larger trade partners, including the EU, India, and Canada. Trump said the US hasn’t had a “lot of luck” with Canada and suggested he may impose threatened 35% levies on goods not covered by the US-Canada-Mexico trade agreement.

Last week, President Trump touted a deal with Japan that included a $550 billion investment in the US and a 15% tariff on goods imported into the US from Japan. On Saturday, Japanese trade negotiator Ryosei Akazawa suggested the money could be used to help finance an unnamed Taiwanese chipmaker building plants in the US.

“For example, if a Taiwanese chipmaker builds a plant in the U.S. and uses Japanese components or tailors its products to meet Japanese needs, that’s fine too,” he said.

In March, Taiwan’s TSMC announced a $100 billion investment in the US, on top of plans to build three plants in Arizona, one of which is already operating.

In any case, the Japan trade deal may have set a precedent for Trump’s new baseline tariff rate. On Thursday, Trump said tariffs would range from 15% to 50%, with tougher partners facing higher rates.

Trump’s April “Liberation Day” tariffs had set a baseline rate of 10% on all US trading partners.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1518 updates

Trump called the deal “the biggest of them all,” while von der Leyen said that “15% is not to be underestimated, but it is the best we could get.” Other details of the framework are still being confirmed.

Earlier on Sunday the South China Morning Post, a Hong Kong-based English-language newspaper, reported that “Beijing and Washington are expected to extend their tariff truce by another three months at trade talks in Stockholm beginning on Monday.”

On Friday, Trump said that letters dictating tariff rates for over 200 countries would go out soon while his administration works to clinch deals with larger trade partners, including the EU, India, and Canada. Trump said the US hasn’t had a “lot of luck” with Canada and suggested he may impose threatened 35% levies on goods not covered by the US-Canada-Mexico trade agreement.

Last week, President Trump touted a deal with Japan that included a $550 billion investment in the US and a 15% tariff on goods imported into the US from Japan. On Saturday, Japanese trade negotiator Ryosei Akazawa suggested the money could be used to help finance an unnamed Taiwanese chipmaker building plants in the US.

“For example, if a Taiwanese chipmaker builds a plant in the U.S. and uses Japanese components or tailors its products to meet Japanese needs, that’s fine too,” he said.

In March, Taiwan’s TSMC announced a $100 billion investment in the US, on top of plans to build three plants in Arizona, one of which is already operating.

In any case, the Japan trade deal may have set a precedent for Trump’s new baseline tariff rate. On Thursday, Trump said tariffs would range from 15% to 50%, with tougher partners facing higher rates.

Trump’s April “Liberation Day” tariffs had set a baseline rate of 10% on all US trading partners.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1518 updates