“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 per cent of the Profits,” Trump posted on his social networking platform Truth Social.
“This Deal will create Hundreds of Thousands of Jobs—There has never been anything like it,” he noted.
The United States “will continue to always have a great relationship with the Country of Japan,” he added.
Japan would open its economy to American autos and rice, the President’s post said.
The 15-per cent tariff on goods imported from Japan is less than the 25-per cent rate that Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied beginning August 1.
Important details of the deal, however, remained unclear from his social media post.
Trump also announced a trade framework with the Philippines that would impose a tariff of 19 per cent on its goods, while American products exported to that country would face no tariffs. He also reaffirmed his 19-per cent tariffs on Indonesia.
The United States ran a $69.4 billion trade imbalance on goods with Japan last year, according to the US Census Bureau. It had a trade imbalance of $17.9 billion with Indonesia and an imbalance of $4.9 billion with the Philippines.
ALCHEMPro News Desk (DS)
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