Trump announces 'massive' trade deal with Japan with 15% tariffs
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Trump Announces $550B Trade Deal with Japan at 15% Tariff
Above: US President Donald Trump after a reception at the White House on July 22, 2025. Image copyright: Andrew Caballero-Reynolds/AFP/Getty Images
The Spin
Pro-Trump narrative
This historic trade deal represents a major victory for American workers and manufacturers. The 15% tariff rate, while still significant, provides much-needed relief from the devastating 25% rate that was looming. Japan's massive $550 billion investment commitment will create hundreds of thousands of jobs and revitalize American industry.
Anti-Trump narrative
Despite the last minute boost to markets, the overall impact of Trump's whimsical approach to global tariffs remains devastating. There was never any need to create the uncertainty and instability his policies have caused, and Trump's persistent pursuit of a 'strongman' image has come at significant costs to ordinary citizens both in and outside of the U.S.