Trump says U.S. completes trade deal with Japan

WASHINGTON, July 22 (Xinhua) -- U.S. President Donald Trump said Tuesday that the United States has reached a trade deal with Japan, which will impose a 15 percent tariff on Japanese goods.

Japan will invest 550 billion U.S. dollars into the United States, which will receive 90 percent of the profits, said Trump, adding that the deal will create hundreds of thousands of jobs.

"Japan will open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things. Japan will pay Reciprocal Tariffs to the United States of 15 percent," said Trump in a post on social media.

In a recent letter to Japanese Prime Minister Shigeru Ishiba, Trump threatened to raise the so-called reciprocal tariff on Japan to 25 percent starting Aug. 1, higher than the 24 percent tariff announced on April 2.

As one of the major U.S. trading partners, Japan has been tough in bilateral trade talks.

The United States saw 68.5 billion dollars of trade deficit in goods with Japan in 2024, with imports from Japan totalling 148.2 billion dollars and exports to Japan at 79.7 billion dollars, according to the Office of the U.S. Trade Representative.

Trump also announced a trade deal with the Philippines after meeting Philippine President Ferdinand Marcos Jr. earlier Tuesday.

Still, the White House hasn't released details on U.S. trade deals with the Philippines and Japan.

On Tuesday, the White House unveiled more details about the U.S. trade deal with Indonesia, which was announced on July 15.

Indonesia will eliminate approximately 99 percent of tariff barriers for a full range of U.S. industrial, food and agricultural products exported to Indonesia, while the United States will impose a 19 percent tariff on products imported from Indonesia, said a release by the White House.

Indonesia will remove restrictions on exports to the United States of industrial commodities, including critical minerals, it said.

Trump has signed an executive order earlier this month to extend the 90-day suspension of sweeping U.S. reciprocal tariffs from July 9 to Aug. 1, with trade negotiations ongoing with the European Union and other major trading partners.