President Trump said on Tuesday that the US and Japan had reached a trade deal.

“We just completed a massive Deal with Japan, perhaps the largest Deal ever made,” Trump wrote in a Truth Social post. The president said the agreement includes a 15% tariff on imported goods from Japan, and the country will invest $550 billion into the US.

Earlier on Tuesday, Trump said the US had also struck a trade deal with the Philippines, which will see the country’s imports face a 19% tariff into the US. Trump said US exports will face no import tax in the Philippines as part of the deal.

The White House unveiled new details of a confirmed trade agreement with Indonesia too. Yahoo Finance’s Ben Werschkul reports that a 19% tariff will apply to Indonesian goods, as well as a 40% rate on any “transhipped” goods. Officials said no tax would apply to “99%” of US imports.

The deal developments come as prospects for larger pacts with India and the European Union have soured. An interim deal between the US and India before an Aug. 1 deadline looks increasingly unlikely, according to Reuters. Talks remain deadlocked due to disagreements on key agricultural and dairy products.

Meanwhile, the European Union still wants a trade pact with the US, but the bloc said to be readying its counterattack as Trump plays hardball and makes a no-deal outcome more likely. EU member states are pushing for new and stringent measures to retaliate against US companies, The Wall Street Journal reported, while its officials are meeting this week to draw up a plan for reprisals.

“If they want war, they will get war,” a German official told the WSJ.

Trump is reportedly pushing for higher blanket tariffs on imports from the EU, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect. He has threatened 30% tariffs on all imports.

Last week, Trump said he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group. Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries.

Earlier in July, Trump announced a 35% tariff on Canadian goods and followed that up with promises of 30% duties on Mexico and the EU. The letters have at times upended months of careful negotiations, with Trump saying he is both open to reaching different deals but also touting his letters as “the deals” themselves.

Treasury Secretary Scott Bessent on Tuesday said he expected many deals to take shape over the next several days.

Blackstone has pulled out of a consortium aiming to invest in TikTok’s US operations, adding to growing uncertainty around the deal, sources told Reuters on Friday.

The investment group, led by Susquehanna International Group and General Atlantic, both existing investors in TikTok’s parent company ByteDance, had been seen as the front-runner to acquire majority control of TikTok’s US business.

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The private equity firm’s exit comes amid growing uncertainty and multiple delays in the TikTok transaction, which has become central to the US-China trade talks.

The deal, originally encouraged under President Donald Trump’s administration, aimed to give US investors an 80% stake in TikTok, while ByteDance would keep a minority share.

However, repeated deadline extensions for ByteDance to divest its US operations have fueled uncertainty among potential investors and clouded the future of TikTok’s presence in the country.

Earlier last month, Trump signed a third executive order extending the deadline for ByteDance to sell TikTok, pushing the cutoff to September 17.

Earlier, in April 2024, Congress passed a law requiring TikTok to be sold or shut down by January 19, 2025.

Some legislators have criticised these extensions, suggesting the Trump administration is disregarding legal requirements and national security issues regarding Chinese control of TikTok.

ByteDance is considering various solutions, including selling or reorganising its US operations. The company, which generated $43 billion in revenue during the first quarter, has now exceeded Meta’s quarterly earnings, Reuters reported quoting sources.

The US consortium backed by the administration in the TikTok deal includes private equity firm KKR and new investors like Andreessen Horowitz, with Oracle also expected to take a stake.

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However, it remains unclear whether all original consortium members are still part of the bid.

Earlier this year, the group was working on a plan to spin off TikTok’s US operations into a separate American company. But negotiations stalled after China signaled it would block the deal, shortly after Trump announced new tariffs on Chinese imports.

If a deal goes through, TikTok’s US operations are expected to be run by a new joint venture between an American investor group and ByteDance, which would retain a minority stake.

Blackstone’s decision to withdraw underscores the growing uncertainty and complications surrounding the deal. The future of TikTok has become entangled in broader US-China trade tensions, with Trump indicating he would discuss the issue directly with Chinese President Xi Jinping.

TikTok is already developing a separate version of the app for the US market.

President Trump said on Tuesday that the US and Japan had reached a trade deal.

“We just completed a massive Deal with Japan, perhaps the largest Deal ever made,” Trump wrote in a Truth Social post. The president said the agreement includes a 15% tariff on imported goods from Japan, and the country will invest $550 billion into the US.

Earlier on Tuesday, Trump said the US had also struck a trade deal with the Philippines, which will see the country’s imports face a 19% tariff into the US. Trump said US exports will face no import tax in the Philippines as part of the deal.

The White House unveiled new details of a confirmed trade agreement with Indonesia too. Yahoo Finance’s Ben Werschkul reports that a 19% tariff will apply to Indonesian goods, as well as a 40% rate on any “transhipped” goods. Officials said no tax would apply to “99%” of US imports.

The deal developments come as prospects for larger pacts with India and the European Union have soured. An interim deal between the US and India before an Aug. 1 deadline looks increasingly unlikely, according to Reuters. Talks remain deadlocked due to disagreements on key agricultural and dairy products.

Meanwhile, the European Union still wants a trade pact with the US, but the bloc said to be readying its counterattack as Trump plays hardball and makes a no-deal outcome more likely. EU member states are pushing for new and stringent measures to retaliate against US companies, The Wall Street Journal reported, while its officials are meeting this week to draw up a plan for reprisals.

“If they want war, they will get war,” a German official told the WSJ.

Trump is reportedly pushing for higher blanket tariffs on imports from the EU, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect. He has threatened 30% tariffs on all imports.

Last week, Trump said he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group. Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries.

Earlier in July, Trump announced a 35% tariff on Canadian goods and followed that up with promises of 30% duties on Mexico and the EU. The letters have at times upended months of careful negotiations, with Trump saying he is both open to reaching different deals but also touting his letters as “the deals” themselves.

Treasury Secretary Scott Bessent on Tuesday said he expected many deals to take shape over the next several days.

President Trump said on Tuesday that the US and Japan had reached a trade deal.

“We just completed a massive Deal with Japan, perhaps the largest Deal ever made,” Trump wrote in a Truth Social post. The president said the agreement includes a 15% tariff on imported goods from Japan, and the country will invest $550 billion into the US.

Earlier on Tuesday, Trump said the US had also struck a trade deal with the Philippines, which will see the country’s imports face a 19% tariff into the US. Trump said US exports will face no import tax in the Philippines as part of the deal.

The White House unveiled new details of a confirmed trade agreement with Indonesia too. Yahoo Finance’s Ben Werschkul reports that a 19% tariff will apply to Indonesian goods, as well as a 40% rate on any “transhipped” goods. Officials said no tax would apply to “99%” of US imports.

The deal developments come as prospects for larger pacts with India and the European Union have soured. An interim deal between the US and India before an Aug. 1 deadline looks increasingly unlikely, according to Reuters. Talks remain deadlocked due to disagreements on key agricultural and dairy products.

Meanwhile, the European Union still wants a trade pact with the US, but the bloc said to be readying its counterattack as Trump plays hardball and makes a no-deal outcome more likely. EU member states are pushing for new and stringent measures to retaliate against US companies, The Wall Street Journal reported, while its officials are meeting this week to draw up a plan for reprisals.

“If they want war, they will get war,” a German official told the WSJ.

Trump is reportedly pushing for higher blanket tariffs on imports from the EU, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect. He has threatened 30% tariffs on all imports.

Last week, Trump said he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group. Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries.

Earlier in July, Trump announced a 35% tariff on Canadian goods and followed that up with promises of 30% duties on Mexico and the EU. The letters have at times upended months of careful negotiations, with Trump saying he is both open to reaching different deals but also touting his letters as “the deals” themselves.

Treasury Secretary Scott Bessent on Tuesday said he expected many deals to take shape over the next several days.

President Trump said on Tuesday that the US and Japan had reached a trade deal.

“We just completed a massive Deal with Japan, perhaps the largest Deal ever made,” Trump wrote in a Truth Social post. The president said the agreement includes a 15% tariff on imported goods from Japan, and the country will invest $550 billion into the US.

Earlier on Tuesday, Trump said the US had also struck a trade deal with the Philippines, which will see the country’s imports face a 19% tariff into the US. Trump said US exports will face no import tax in the Philippines as part of the deal.

The White House unveiled new details of a confirmed trade agreement with Indonesia too. Yahoo Finance’s Ben Werschkul reports that a 19% tariff will apply to Indonesian goods, as well as a 40% rate on any “transhipped” goods. Officials said no tax would apply to “99%” of US imports.

The deal developments come as prospects for larger pacts with India and the European Union have soured. An interim deal between the US and India before an Aug. 1 deadline looks increasingly unlikely, according to Reuters. Talks remain deadlocked due to disagreements on key agricultural and dairy products.

Meanwhile, the European Union still wants a trade pact with the US, but the bloc said to be readying its counterattack as Trump plays hardball and makes a no-deal outcome more likely. EU member states are pushing for new and stringent measures to retaliate against US companies, The Wall Street Journal reported, while its officials are meeting this week to draw up a plan for reprisals.

“If they want war, they will get war,” a German official told the WSJ.

Trump is reportedly pushing for higher blanket tariffs on imports from the EU, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect. He has threatened 30% tariffs on all imports.

Last week, Trump said he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group. Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries.

Earlier in July, Trump announced a 35% tariff on Canadian goods and followed that up with promises of 30% duties on Mexico and the EU. The letters have at times upended months of careful negotiations, with Trump saying he is both open to reaching different deals but also touting his letters as “the deals” themselves.

Treasury Secretary Scott Bessent on Tuesday said he expected many deals to take shape over the next several days.