Trump announces $550 billion Japan trade deal
The pep rally came on a day Trump's White House was whipsawed by the Jeffrey Epstein controversy, with the president cheerfully proclaiming a win hours after tearing into predecessor Barack Obama. 'I just signed, and it was really helped a lot by our big, beautiful deal that we just did,' Trump said in the East Room of the White House at a reception with Republican members of Congress. 'But I just signed the largest trade deal in history, I think maybe the largest deal in history, Japan,' Trump said. He repeatedly gushed about its size, saying, 'This is, they say, the biggest deal ever made.'
Trump, who had earlier announced deals with Indonesia and the Philippines as an August 1 deadline he declared after pausing his 'reciprocal' tariffs approaches, told lawmakers there were more talks in the works. Failure to reach agreements after his administration promised '90 deals in 90 days' could spark yet another market meltdown, something Trump is eager to avoid as he touts surging markets. 'We have Europe coming in tomorrow,' said Trump, days after reports of the tariffs he could slap on the European Union.
Trump announced the deals minutes after posting about it on Truth Social. 'Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits,' Trump said, without spelling out how the investments would be calculated. Japan is already a top U.S. investor. Trump said it would create 'hundreds of thousands of jobs.' 'Perhaps most importantly, 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,' Trump wrote. '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. Thank you for your attention to this matter!' Trump concluded.
Trump said the country was 'becoming very rich again,' although some of the market's recent gains came after Trump hit 'pause' on his tariff decisions and backed off his repeated threats to fire Federal Reserve Chairman Jerome Powell. Trump also dangled further talks. 'We're going to make a deal with Japan on the LNG in Alaska,' Trump said. A deal with Japan that puts off an escalatory trade war would restore some stability to a major trade relationship. Trump cranked up the pressure earlier this month when he threatened to slap a 25 percent tariff on Japan and South Korea – both key political allies – if they didn't reach an agreement by August 1.
He also lauded House Republicans who jammed through his 'big, beautiful bill,' and promised to lend them political support. 'We're going to make all those robo calls for you,' Trump said, on a day he once again threatened to go after 'no' vote Thomas Massie (R-Ky.). 'There's been no Congress like this Congress in terms of achievement,' Trump said.
He called out birthdays and anniversaries in the crowd, and spoke about House Majority Leader Rep. Steve Scalise after he suffered a shooting. 'He was going to be a goner,' Trump said. 'You look better now than you did then,' he told him. 'We're so grateful for you,' Housing Secretary Scott Turner told the president when Trump invited him to say grace. 'You are a tremendous leader and we thank God for you,' he told Trump before the prayer. 'Thank you for giving us favor to pass this big, beautiful bill,' Turner said during the prayer of the bill that passed the House 218-214 with Trump losing just two Republican votes.
Trump took the opportunity to praise Director of National Intelligence Tulsi Gabbard, on a day he accused Barack Obama of 'treason' and applied pressure for him to be investigated over the origins of the Russia probe in 2016. 'Where's Tulsi? She's like hotter than everybody. She's the hottest one in the room right now,' Trump said. Trump repeated his claim that 'Obama cheated on the election,' after Obama slammed his earlier attacks. 'With your stamina, you know we can never sleep,' Speaker Mike Johnson told Trump when he took the microphone.
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