President Trump announced Tuesday that his administration had wrapped up a massive trade agreement with Japan, two weeks after threatening the US ally with 25% tariffs
“We just completed a massive Deal with Japan, 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, 79, wrote 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. Japan will pay Reciprocal Tariffs to the United States of 15%.”
On July 7, Trump told Japanese Prime Minister Ishiba Shigeru his country would pay a 25% duty on exports to the US if a deal wasn’t wrapped by Aug. 1.
Japan is the fifth-largest US trading partner among individual nations, trailing Mexico, Canada, China and Germany.
This is a developing story. Check back for more information.
This story originally appeared on NYPost
