Trump announces ‘massive’ trade agreement with Japan
CNN
President Donald Trump announced a long-awaited trade agreement with Japan on Tuesday night, a framework between allies and major trading partners that appeared elusive just weeks ago.
President Donald Trump announced a long-awaited trade agreement with Japan on Tuesday night, a framework between allies and major trading partners that appeared elusive just weeks ago. “I just signed the largest trade deal in history; I think maybe the largest deal in history with Japan,” Trump said during a reception with Republican members of Congress Tuesday night. “They had their top people here, and we worked on it long and hard. And it’s a great deal for everybody.” The deal will see US importers pay 15% “reciprocal” tariffs on Japanese goods exported to the United States. But importantly for Japan, the 15% rate will also extend to automobiles and car parts - putting it at an advantage over other major vehicle exporters, which have faced a 25% levy on automotive sector exports since April. Japan will also invest $550 billion dollars into the United States, Trump said, adding that the US “will receive 90% of the profits.” “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 had posted earlier on Truth Social.
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