Steep tariffs on U.S. imports of steel and aluminum remain, however, and many other countries, including South Korea and Thailand, have yet to clinch agreements. Overall, economists say the tariffs inevitably will dent growth in Asia and the world.

With tariffs increasing costs of Uwajimaya's importers, it is a matter of time before the impact is "felt by everyone," said CEO Denise Moriguchi.

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