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.

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 Donald Trump is justified in declaring that the agreement represents a major victory for his approach of negotiating concessions from other nations.

The rate will apply in addition to individual “reciprocal” tariffs targeting countries with which the US runs a trade deficit.

The deal reduces tariffs on Japanese exports, including autos and auto parts, to15 percent, in exchange for Japanese investment and import commitments.

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.

The agreement appears to closely mirror the trade agreement announced with Japan on Tuesday, under which Japanese imports will face a 15% import duty, which was also lower than Trump earlier threatened. But last year, the average U.S. tariff on imports ...

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