Donald Trump announces ‘massive deal’ with Japan at 15% reciprocal tariff

US President Donald Trump has announced a “massive deal” with Japan on Wednesday, July 23, calling it the “largest deal ever made.”The US President wrote on Truth Social that Japan will invest, “at my direction”, $550 billion into the US, of which, the US will receive 90% of the profits.
“Perhaps most importantly, Japan will open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things,” Trump wrote on Truth Social, adding that the deal will create Thousands of jobs.
Japan will pay a reciprocal tariff of 15% to the US, although the President did not specify whether the US would be paying any tariff or not on their exports to Japan.”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!” Trump concluded his post.

Trump had earlier threatened a 24% reciprocal tariff on Japan, when he made the Liberation Day announcements on April 2, which was later revised higher by one percentage point to 25% when he sent out tariff letters to countries, including Japan, earlier this month.

Japanese automobiles imported into the US, already have a 25% tariff in-line wih other countries. 28.3% of all Japanese shipments to the US were automobiles, according to the US customs data. The Trump post does not specify on whether the auto tariff would also come down to 15%.

In response, the Dow Jones futures, which were flat earlier in the evening, US time, surged as much as 150 points.

This is a developing breaking news story.