Donald Trump says the US has agreed a 'massive' trade deal with Japan that will impose 15% tariffs on its goods

US President Donald Trump has declared that the United States has reached a “massive” trade agreement with Japan, one of its largest trading partners.

According to Trump, the deal includes a $550 billion (£407 billion) investment from Japan into the US economy, as well as a 15% reciprocal tariff agreement. He also claimed that Japan will open its markets to a wide range of American goods, including cars, trucks, rice, and various agricultural products.

“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,” Trump wrote in a post on social media.

Japan Yet to Confirm Details

As of now, Japanese officials have not confirmed the agreement or the details laid out by the president. The BBC has reached out to the Japanese embassy in Washington for comment.

Trump’s announcement comes shortly after reports that he sent a letter to Japanese officials earlier this month, threatening a 25% tariff on Japanese exports to the US if a new deal was not finalized before August 1.

That threat marked an increase from the 24% tariff Trump had floated earlier this year during his so-called Liberation Day speech on April 2.

The potential trade pact, if confirmed, would mark a significant shift in US-Japan economic relations, particularly in sectors where the US has long sought broader market access.