President Trump on Tuesday said he struck a trade deal with Japan, a surprise development after the U.S. leader described the Asian country as “spoiled” by years of favorable trade terms with the American market.
The president said he would impose a 15% tariff on Japanese goods entering the U.S., a lower amount than the 25% he threatened in a letter to Prime Minister Shigeru Ishiba.
Mr. Trump said the deal involved $550 billion in Japanese investment in the U.S. and that “90% of the profits” would flow to the American side, though didn’t elaborate.
“This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it,” he said on Truth Social. “Perhaps most importantly, Japan will open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things.”
Ryosei Akazawa, Japan’s chief trade negotiator, confirmed on social media