Trump announces a 'massive' Japan trade deal with 15% tariff

US President Donald Trump announced on Tuesday a “massive” trade deal with Japan, cutting a threatened 25% tariff to 15% ahead of an August I deadline.

- Agence France-Presse

Trump has vowed to hit dozens of countries with punitive tariffs if they don’t strike a deal with the United States by next month.

So far, Trump has only announced pacts with Japan, Britain, Vietnam, the Philippines and Indonesia, while talks continue with other trade partners.

“We just completed a massive Deal with Japan, perhaps the largest Deal ever made,” Trump said on his Truth Social platform.

Trump said that under the deal, “Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits.”

He did not provide further details on the unusual investment plan, but said the deal “will create Hundreds of Thousands of Jobs.”

Japanese imports into the United States were already subject to a 10% tariff, which would have risen to 25% on August 1 without a deal.