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.

Japan said on Tuesday the trade agreement it struck with the U.S. cleared uncertainties on U.S. trade policies but continued attention needs to be given to risks of those policies putting downward pressure on the Japanese economy.

Trade deal with US eliminated 'uncertainty' on economic outlook, but higher US tariffs felt 'in some areas' in Japan - Anadolu Ajansı

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.

"The trade deal struck with the U.S. is certainly a relief in that it offers some certainty that U.S. tariffs on Japan-made cars won't rise to punitive levels," said Stefan Angrick, head of Japan and Frontier market economics at Moody's Analytics.

By lowering auto duties on Japan to 15%, Donald Trump is handing the Asian ally a decent win and making a big concession on his flagship sectoral levies. For other countries negotiating with Washington,

Welcome to the Daily News Brief, CFR’s flagship morning newsletter summarizing the top global news and analysis of the day. Subscribe to the Daily News Brief to receive it every weekday morning.Top

Devoted fans of Asian cosmetics will often buy direct from Asia and wait weeks for their packages to arrive because the products typically cost less than they do in American stores. Rather than stocking up on their favorite sunscreens, lip tints and toners, some shoppers are taking a pause due to the tariff uncertainty.