August 2025 News

U.S. Clarifies Tariff Order with Japan (Aug. 8, 2025)

On Aug. 8, 2025, Japanese negotiator Ryosei Akazawa said U.S. officials promised to amend a presidential order to prevent overlapping tariffs on Japanese goods. Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent assured Japan that the 15 % levy announced on July 31 would not be added on top of existing duties. They said the order would be revised to refund any excess payments. The officials also confirmed that auto tariffs would fall to 15 % from 27.5 % under a separate executive order, reflecting a trade agreement reached in July. The announcement provided clarity and, together with strong corporate earnings, helped lift Japan’s Topix index above 3,000 points, easing market concerns. [3]

Turkey hit by 6.1 magnitude earthquake (Aug. 10, 2025)

On Aug. 10, 2025, a magnitude 6.1 earthquake struck near Sulusaray in Tokat province in northwestern Turkey around 7:53 p.m., about 300 km east of Ankara. The quake, centred at a depth of roughly 11 km, caused significant shaking felt across at least nine provinces, including Tokat, Sivas, and Yozgat, and was felt as far away as Istanbul. Officials said one person was killed and twenty‑nine were injured when 16 buildings collapsed. Search and rescue operations were completed without finding further casualties. Aftershocks, including a magnitude 3.9 tremor, followed, but authorities reported no additional damage