United States President Donald Trump has announced that he has struck a “massive” trade deal with Japan following months of fraught negotiations.
Under the agreement announced on Tuesday, the US will impose a 15 percent tariff on Japanese exports and Japan will invest $550bn in the US, Trump said.
“We just completed a massive Deal with Japan, perhaps the largest Deal ever made,” Trump wrote on his Truth Social platform.
“Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits.”
Japan will also open up to US exports of cars, rice and certain agricultural products, Trump said, adding that the deal would create “hundreds of thousands of jobs”.
“There has never been anything like it,” he wrote.
Speaking at a reception with members of the US Congress later on Tuesday, Trump said the sides had also agreed to form a joint venture to exploit liquified natural gas in Alaska.
“It’s a great deal for everybody. I always say it has to be great for everybody,” he said.
US Secretary of the Treasury Scott Bessent hailed the deal as a “historic agreement”.
“I am happy to reaffirm our commitment to deepening this longstanding alliance and building the next chapter of US-Japan cooperation as we enter a new Golden Age under President Trump,” Bessent said on X.
Credit: aljazeera.com
