Washington: United States President Donald Trump announced the successful conclusion of a “massive” trade agreement with Japan after months of intense 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.
“It’s a great deal – a lot different from the deals in the past, I can tell you that.”
Japanese Prime Minister Shigeru Ishiba, whose ruling coalition recently lost its majority in the upper house over the weekend, stated on Wednesday that he would “carefully review” the details of the agreement. Despite this, he emphasized that he believed the decision was ultimately in the best interest of the nation.
