President Trump said Tuesday he has struck a “massive” trade deal with Japan that calls for 15% tariffs on goods the U.S. imports from the country.
The president wrote on Truth Social that, as part of the agreement, Japan will invest $550 billion into the U.S., “which will receive 90% of the Profits.” He also said Japan will “open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products.” The 15% tariff rate floated by Mr. Trump is somewhat lower than the 25% that he proposed earlier this month.
The Japanese government has not commented publicly on the reported deal. CBS News has reached out to the Japanese Embassy in Washington, D.C., for comment.
Japan is the United States’ fifth-largest trading partner, according to federal statistics. Japan bought $79.7 billion worth of American goods last year, and the U.S. imported $148.2 billion worth of Japanese goods.
“This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan,” Mr. Trump wrote on Tuesday.
This is a developing story; it will be updated.
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