Trump says US has a trade deal with Japan

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The U.S. has reached the terms of a trade deal with Japan that would lower tariffs and expand market access for domestically made goods, President Donald Trump said on Truth Social Tuesday evening. 

Imports from Japan would face a 15% tariff under the deal, according to Trump, who also said the country would open its markets to U.S.-made cars and trucks, as well as rice and other agricultural products. 

Trump also said Japan would invest $550 billion into the U.S. at his discretion, although he did not provide details about what such investments would entail. 

As of press time, the White House has yet to reveal official documentation of any agreement, and Japan’s leadership has yet to confirm the deal through official channels. 

Japan is one of several countries that have been negotiating with the Trump administration ahead of the implementation of new country-specific tariffs next week. 

Most recently, Ryosei Akazawa, who has led tariff negotiations for Japan, met with U.S. Commerce Secretary Howard Lutnick for two hours Monday evening in Washington, D.C., Japan’s Chief Cabinet Secretary Yoshimasa Hayashi said during a Tuesday press briefing. 

Hayashi said additional discussions with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer were being coordinated. 

Trump earlier this month said imports from Japan would be subject to a 25% tariff starting Aug. 1. The rate was slightly higher than a 24% tariff he installed and then paused in April as part of the initial rollout of his country-specific levies. 

In 2024, the U.S. had an approximately $68 billion trade deficit with Japan, with imports from the country making up 4.3% of all U.S. trade, per U.S. International Trade Commission data.

Tuesday’s announcement came hours after the White House revealed details of a trade deal framework with Indonesia that would place 19% tariffs on imports from the country, among other provisions. 

The U.S. has also finalized some terms of a deal with the U.K., while a pact with China is still being negotiated. The two countries agreed to lower tariffs during the discussions until Aug. 12, although Bessent told Fox Business Tuesday that the deadline could be extended. 

Meanwhile, officials from Vietnam have yet to confirm a deal Trump announced earlier this month.