WASHINGTON: US President Donald Trump on Tuesday (Jul 22) announced a trade deal with Japan that he said will result in Japan investing US$550 billion into the United States and paying a 15 per cent reciprocal tariff.
In a post on Truth Social, Trump added that Japan will open to trade for cars, trucks, rice and certain agricultural products, among other items.
“We just completed a massive deal with Japan, perhaps the largest deal ever made,” he said.
“Japan will invest, at my direction, US$550 billion dollars into the United States, which will receive 90 per cent of the profits,” Trump added.
“This deal will create hundreds of thousands of jobs – There has never been anything like it,” he said.
“This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the country of Japan.”
Trump had earlier this month said that the US would impose 25 per cent tariffs on Japan from Aug 1.
Japan’s top tariff negotiator, Ryosei Akazawa, met with Trump at the White House on Tuesday, according to the Asahi newspaper.
The newspaper also reported that Akazawa held meetings with US Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent.
Japanese Prime Minister Shigeru Ishiba aims to visit the US this month to meet with Trump if there is progress in the trade negotiations, Yomiuri newspaper reported on Wednesday.
Ishiba, however, is facing mounting opposition within his party over his decision to remain in office despite a bruising election defeat.
https://www.channelnewsasia.com/world/trump-tariffs-japan-trade-deal-5252951
