Trump announces $550 billion trade deal with Japan

President Donald Trump announced that the United States has reached a $550 billion trade and investment deal with Japan, calling it “perhaps the largest Deal ever made.”

“Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits,” Trump said in a social media post on Tuesday.

“This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it,” Trump said. He added that Japan will open its market to American exports, including cars, trucks, rice, and other agricultural products, and still will pay reciprocal tariffs of 15% to the U.S.

The announcement comes just weeks after Trump said Japanese imports would face a 25% tariff starting August 1 unless a new agreement was reached. In a series of letters beginning in early-July, Trump warned several countries, including Japan, that the U.S. would impose new tariffs unless they addressed what he called unfair trade practices.

Trump called the agreement “a very exciting time for the United States” and thanked Japan for maintaining “a great relationship” with the U.S.

A senior member of the Japanese government confirmed the announcement to NHK, saying, “What President Trump posted on social media is accurate, and it is something that Japan welcomes,” adding that it was the result of “persistent negotiations” by Japan’s economic minister.

The White House has not yet released further details of the deal or confirmed when it will take effect.