President Trump announced a massive trade agreement with Japan, calling it “perhaps the largest Deal ever made.”
“We just completed a massive Deal with Japan, perhaps the largest Deal ever made,” Trump wrote in a post on Truth Social.
Japan will invest $550 billion in the US and face 15% tariffs on imports while opening its markets to American automobiles and agricultural products. The yen initially rose on the news.
The agreement requires Japan to expand market access for American cars and farm products, though Trump provided no additional specifics. Full details of the tentative Japanese deal remain unclear. Trump has a pattern of announcing broad trade frameworks first, with the White House typically releasing comprehensive terms in the following days or weeks as negotiations are finalized.
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President Trump also announced a trade agreement with Philippine President Ferdinand Marcos Jr. following their Tuesday White House meeting. The deal sets U.S. tariffs on Philippine goods at 19%, down from a previously threatened 20% rate starting August 1. In exchange, the Philippines will maintain open markets with zero tariffs on U.S. imports.
Trump praised the agreement on Truth Social, calling Marcos’ visit “beautiful” and describing him as a “very good, and tough, negotiator.” The framework also includes military cooperation between the treaty allies.
Marcos, the first Southeast Asian leader to meet with Trump in his second term, emphasized the relationship’s importance amid rising tensions with China in the South China Sea. However, specific economic impact details of the preliminary agreement remain unclear.
The agreement with Philippines marks Trump’s fourth such deal following the UK, Vietnam, and Indonesia.
This is a developing story.
source : https://beincrypto.com