Washington: Trump announced a "massive" trade deal with Japan, revealing what he describes as "reciprocal tariffs" on Japanese imports set at 15 percent. This rate is significantly lower than the 25 percent Trump had previously threatened to implement starting August 1.
According to Bahrain News Agency, the deal includes Tokyo agreeing to trade goods such as automobiles, rice, and other agricultural products while also committing to invest $550 billion into the United States. Trump claimed the agreement would result in the creation of hundreds of thousands of jobs across the country.
Trump shared details of the agreement during an event shortly after making the announcement public. "It's a great deal for everybody," he stated. "I always say it has to be a great deal for everybody. It's a great deal, a lot different from the deals in the past... But we're doing really well as a country with strong, we have a lot of money flowing in."
Japanese Prime Minister Ishiba Shigeru also confirmed the agreement, noting that the two nations agreed to halve the 25 percent additional tariffs imposed on cars and parts since April. He clarified that the levies will be set at 15 percent, encompassing the existing 2.5 percent base duty previously established by the US for automobiles.