"We're in much better shape because it's now clear that if there's gonna be a real trade war with anyone, it would just be with China," Secretary Ross tells Fortune.

TOKYO (Reuters) -Japan's leading trade negotiator said on Tuesday that the trade deal Tokyo agreed with the United States last week guarantees Japan will always receive the lowest tariff rate on chips and pharmaceuticals of all the pacts negotiated by Washington.

President Trump said on Tuesday that the trade deal he struck with one of America’s closest allies would impose a 15 percent tariff on Japanese exports.

President Donald Trump announced a trade agreement with Japan on Tuesday, making it the largest U.S. trade partner to broker an accord as the White House threatens to impose tariffs on dozens of countries within days.

The deal imposes 15% tariffs on Japanese cars and other goods, one of the more favorable rates. While the start date and other basic elements are still unknown, Treasury Secretary Scott Bessent warned this week that the US would monitor implementation and bump the rate up to 25% if Trump isn’t satisfied.

Prime Minister Mark Carney says Canada-U.S. trade negotiations are at an "intense phase" with just days until U.S. President Donald Trump's next round of tariffs could hit. Mackenzie Gray reports on how the trade deal will likely be comparable to ones negotiated with the European Union and Japan,