President Donald Trump on Tuesday introduced a commerce settlement with Japan, claiming he’d notched a take care of one of many nation’s prime buying and selling companions.
In a put up on Reality Social, Trump stated the U.S. will cost a 15 % tariff on Japanese exports to the U.S. in change for a $550 billion funding within the U.S. Japan, he stated, will open its market to U.S.-made “Automobiles and Vans, Rice and sure different Agricultural Merchandise, and different issues.”
“It is a very thrilling time for america of America, and particularly for the truth that we are going to proceed to at all times have an awesome relationship with the Nation of Japan,” Trump wrote on Reality Social. “Thanks in your consideration to this matter!”
Japan was america’ fifth-largest buying and selling associate in 2024, making it by far the largest commerce deal the Trump administration has reached thus far — not counting the momentary tariff truce they reached with China this previous spring.
A spokesperson for the Japanese Embassy didn’t instantly affirm the phrases of the settlement outlined by Trump.
U.S. imports from Japan totaled $148 billion final 12 months, together with about $58 billion value of autos, auto elements and different automotive merchandise.
Japanese items at the moment face a ten % U.S. tariff, but it surely was set to rise to 25 % on Aug. 1.
Trump didn’t say whether or not the Japanese would obtain reduction on Trump’s separate 25 % tariff on automobiles and automotive elements, a problem that has been a serious sticking level in commerce talks. The Japanese auto trade, lead by corporations like Toyota, Subaru and Honda, is taking a big monetary blow on its exports to the U.S. on account of the tariffs, which went into impact originally of April.
The Japanese authorities didn’t instantly difficulty a press release relating to the deal, however Japanese commerce minister Ryosei Akazawa is within the U.S. and met with Commerce Secretary Howard Lutnick in latest days.
The Trump administration has pledged that it’ll make a handful of offers earlier than the Aug. 1 deadline it has set to impose tariffs between 10 and 50 % on greater than 50 U.S. buying and selling companions.