President Donald Trump announced that his administration had “completed a massive” trade deal with Japan, under which Japan would pay a 15 percent reciprocal tariff rate and would invest $550 billion in the United States.
In a post on Truth Social, Trump explained that this deal would “create Hundreds of Thousands of Jobs” and Japan would “open their country” to trade on things such as “Cars and Trucks, Rice and certain other Agricultural Products.” Trump added that the U.S. would receive 90 percent “of the profits” from Japan’s investment.
“We just completed a massive Deal with Japan, perhaps the largest Deal ever made,” Trump said in his post. “Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits.”
Trump continued: “This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it. Perhaps most importantly, Japan will open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things.”
“Japan will pay Reciprocal Tariffs to the United States of 15%,” Trump added. “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. Thank you for your attention to this matter!”
Trump’s announcement comes as, earlier this month, he sent letters to the leaders of South Korea and Japan, informing them that each country would see a 25 percent tariff on goods exported to the U.S., and that the tariff rates would begin August 1.
In the aftermath of Trump’s announcement, Japanese Prime Minister Ishiba Shigeru expressed that it was “deeply regrettable” that Trump had stated he would impose 25 percent tariffs on exports from Japan.
Read the full article here
