15 is the new 30

Japan, the US, the Philippines, China, India, and the Horn of Africa.

Nichiren's Prayer for Rain Answered at Ryōzengasaki in Kamakura, Utagawa Kuniyoshi, 1835-6, woodblock print; ink and colour on paper, Metropolitan Museum of Art, New York.

Hello,

Here are the five things you need to know today:

• JAPAN. UNITED STATES. A new benchmark is set for other trading partners.

• THE PHILIPPINES. UNITED STATES. Marcos has little to show on tariffs.

• CHINA. UNITED STATES. The trade truce continues despite a cyber breach.

• INDIA. The vice president’s abrupt resignation raises questions.

• HORN OF AFRICA. Enemies circle Ethiopia’s prime minister.

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JAPAN. UNITED STATES. Lowering the tempura

A new benchmark is set for other trading partners.

Donald Trump said Japanese goods, including autos, could enter the US at a 15% tariff rate. Prime Minister Shigeru Ishiba would announce his resignation next month, Mainichi reported Wednesday. The Nikkei jumped 2.6%. Bonds slid.

INTELLIGENCE. Ishiba will now feel he can leave with dignity, despite Sunday’s upper house election loss. Yet the deal, despite being better than any signed so far among US trade surplus countries, could simply form a benchmark for other major partners. US carmakers, reliant on supply chains in North America, South Korea and Europe, won’t countenance a loophole for Japan. GM’s shares fell 8.1% Tuesday after it recorded a $1 billion quarterly tariff hit.

FOR BUSINESS. The EU and Mexico, facing the threat of 30% duties on 1 August (Canada faces 35%), will hope they can get 15% as well, leaving only trade deficit countries like Britain more advantaged. They may be unwilling or unable to pledge the $550 billion in new investment promised by Japan, but domestic lobbying can probably get them over the line (and such pledges, whether on defence or AI, in the case of Japan's Softbank, are seldom followed through).

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THE PHILIPPINES. UNITED STATES. Mr 1%

Marcos has little to show on tariffs.

The White House announced 19% tariffs on Filipino goods after a "beautiful" visit by President Ferdinand Marcos Jr Tuesday. Marcos said Washington was Manila's "strongest, closest, most reliable ally." Heavy rains flooded the country.

INTELLIGENCE. Manila was facing tariffs of 20%. For Marcos's late father, a dictator