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Trump announces ‘largest deal ever’ with Japan, keeps tariffs on imports at 15%
Donald Trump said that the US stands to receive 90% profits as part of the deal, under which Japan would invest $550 billion dollars as per his direction.
US President Donald Trump on Wednesday announced a “massive” trade agreement with Japan, and announced 15 per cent tariffs on imports from the country. As part of the “largest deal ever made”, Trump said the US would stand to receive 90 per cent profits, and that Japan would invest $550 billion dollars into the US at his “direction”.
"This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it," a part of Trump's post on Truth Social read.
The US President also announced that Japan would open to trade involving cars and trucks, tice and certain other agricultural products.
"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," he added.
While specific details regarding the trade agreement are yet to be known, Trump has said that Japan will form a joint venture with the US for LNG in Alaska.
Trump's announcement of a trade deal with Japan came hours after he announced an agreement with Philippines, after talks with with leader Ferdinand Marcos Jr.
In a slight drop from what was announced earlier, Trump said on Truth Social that the US would impose a 19 per cent tariff rate on the Philippines. He had earlier threatened a 20 per cent levy starting August 1.
Trump's US-Japan trade deal announcement also coincides with Japanese Prime Minister Shigeru Ishiba contemplating whether to step down after assessing progress in negotiations with the US.
The PM is facing opposition from within his party as he has said he would stay in power despite the coalition's defeat in the upper house poll, reported news agency Reuters.
