US president Donald Trump has today [23 July 2025] announced that the US has reached a trade deal with Japan, in addition to deals with Indonesia and the Philippines.
In a press conference, Trump referred to the US-Japan trade deal as “the largest trade deal in history”, and wrote in a post on social media platform Truth Social that it will “create hundreds of thousands of jobs”.
Also announced in the post were plans for Japan to invest US$550 billion in the US, while Japanese exporters will pay “reciprocal” tariffs of 15% for goods exported to the US.
Previously – as Trump outlined in a letter to Shigeru Ishiba, prime minister of Japan, on 7 July – goods entering the US from Japan were set to be subject to a 25% tariff rate from 1 August.
Ishiba commented on the tariff negotiations, saying: “Japan’s tariff rate, which had been set to increase to 25% on reciprocal tariffs, was kept at 15%. This is the lowest figure to date among countries with trade surpluses with the US.”
He added: “The agreement does not include any reduction of tariffs on the Japanese side, including on agricultural products. This is precisely the result of my consistent advocacy and strong lobbying of the US since I proposed ‘investment over tariffs’ to President Trump at our White House summit in February this year.”
There has not yet been an official statement from the White House confirming the details of the trade deal with Japan.
However, it has issued a joint statement with the government of Indonesia following trade negotiations earlier this week. The statement confirmed an agreement between the two countries had been reached which “which will provide both countries’ exporters unprecedented access to each other’s markets”.
According to the joint statement, Indonesia will “eliminate approximately 99% of tariff barriers for a full range of US industrial and US food and agricultural products exported to Indonesia”, while the US will reduce its tariff on goods from Indonesia to 19%.
Before this, Indonesian exports to the US were due to be subject to a 32% tariff from 1 August.
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Trump has also met this week with Ferdinand Marcos Jr, president of the Philippines. Following their meeting, Trump announced on Truth Social that “the Philippines will pay a 19% tariff”, representing a slight decrease from the 20% tariff rate he set out in a letter to Marcos Jr earlier this month.
Prior to this week’s announcements, the US has held trade talks with China, and last month signed an executive order confirming plans for implementing the ‘Economic Prosperity Deal’ agreed between the US and the UK.
However, an agreement between the US and the EU is yet to be reached. Trump recently announced plans to implement a 30% tariff on goods from the EU from 1 August, which Ursula von der Leyen, president of the European Commission, said would “disrupt essential transatlantic supply chains”.
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