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JUST IN: Trump Secures Trade Deal With Top Economic Partner

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President Donald Trump announced Tuesday that he had secured a new trade deal with Japan after weeks of back-and-forth negotiations.

“We just completed a massive Deal with Japan, perhaps the largest Deal ever made,” the president announced in a Truth Social post. Under the terms of the deal, Japan will invest $550 billion into the United States, with Trump adding that “90 percent of the profits” will remain stateside.

“This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it. Perhaps most importantly, Japan will open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things,” the president continued. In addition, Japan will be paying 15 percent tariffs on all exports entering the United States.

“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. Thank you for your attention to this matter!”

The two sides had engaged in tense negotiations for several weeks after the implementation of Trump’s “liberation day” tariffs back in April. Japan initially faced 24 percent duties before a mid-April pause that was to last 90 days, at which point tariff rates were lowered to 10 percent.

Earlier this month, Trump sent a letter to Japan’s prime minister, Shigeru Ishiba, threatening to enact a 30 percent tariff on August 1.

Japan is the United States’ fifth-largest source of imports. Last year, it shipped $148 billion worth of goods to the United States, according data from the Department of Commerce. Cars, car parts and agricultural and construction machinery are among the leading Japanese exports to the United States.

On the other hand, the United States exported $80 billion worth of goods to Japan last year. Oil and gas, pharmaceuticals and aerospace products were among the top exports.

The latest deal between the US and Japan follows an expanded trade agreement the two countries signed in 2019, which went into effect the subsequent year and allowed for more goods to be shipped tariff-free.

In addition to the deal with Japan, Trump announced Tuesday that trade deals with Indonesia and the Philippines had also been finalized. The tariff rate for goods imported into the U.S. from both the Philippines and Indonesia will be 19 percent, Trump announced.

“It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs,” Trump posted on Truth Social after meeting with Philippine President Ferdinand “Bongbong” Marcos Jr. at the White House. The Philippines will pay a 19% Tariff. In addition, we will work together Militarily. It was a Great Honor to be with the President. He is Highly Respected in his Country, as he should be. He is also a very good, and tough, negotiator. We extend our warmest regards to the wonderful people of The Philippines!”