President Donald Trump discussing a U.S.-Japan commerce settlement with a Japanese delegation and prime White Home aides within the Oval Workplace, Tuesday, July 22, 2025.
Supply: @Scavino47 by way of X | The White Home
President Donald Trump’s artwork of the deal appeared to play out in actual time on Tuesday.
Trump introduced what he known as a “large” commerce settlement with Japan over his Fact Social platform Tuesday night time, which the president mentioned features a 15% tariff charge and $550 billion in investments. However the particulars of that deal on a card on Trump’s desk reveals discrepancies and last-minute edits, in line with a photograph posted by by Dan Scavino, the White Home deputy chief of employees.
The cardboard on Trump’s desk shows a ten% tariff, along with a 15% levy charge on the automotive, pharma and semiconductor industries. Nonetheless, Trump mentioned on Fact Social solely that Japan would face a charge of 15%, with out elaborating.
“Japan can pay Reciprocal Tariffs to america of 15%,” Trump wrote.
Beneath the tariff charge, the phrase “$400B” seems on the board in giant lettering. The quantity 4 is crossed out, with “500” written above it.
That seemingly references Japan’s plan to funding within the U.S., as was defined by Trump in his social media publish. However Trump used a special determine than even the altered quantity, saying within the publish that the Asian nation would make investments $550 billion into the U.S.
It isn’t clear the place the extra $50 billion got here from.
“Japan will make investments, at my route, $550 Billion {Dollars} into america, which can obtain 90% of the Income,” Trump wrote within the publish. “This Deal will create A whole bunch of Hundreds of Jobs — There has by no means been something prefer it.”
The White Home didn’t touch upon CNBC’s request for clarification on the tariff charge or whole funding quantity. It is not clear whether or not the cardboard distinction is the results of last-minute negotiations by Trump, typos, or one thing else. Nor was it clear who altered the $400 billion determine.
Commerce Secretary Howard Lutnick appeared to take credit score for the board in a Wednesday morning interview with Bloomberg, however didn’t instantly tackle the edits or discrepancies.
“I created the massive board and put it there,” Lutnick mentioned. “However the reply is: the negotiator in chief of america of America is sitting behind the desk. Donald Trump is sitting there negotiating the deal.”
Treasury Secretary Scott Bessent mentioned in a Wednesday morning interview with Bloomberg that Japan received the 15% charge on autos — regardless of another international locations’ automakers dealing with larger charges — as a result of they supplied each ensures of fairness credit score and funding for big U.S. tasks. This assertion got here in response to a query about if buying and selling companions may now anticipate to see a ground of 15% tariffs throughout negotiations.
“That could be a totally different sort of deal,” Bessent mentioned. “They received the 15% charge as a result of they had been keen to offer this progressive financing mechanism.”
Wall Avenue was left a bit confused by the phrases of the deal.
Andy Laperriere, head of U.S. coverage analysis at Piper Sandler, mentioned Japanese officers are “describing it otherwise” in the case of the funding plan. Japan’s leaders, he mentioned, see the $550 billion determine as a cap and inclusive of presidency mortgage ensures.
“Particularly on condition that the Japanese consider they’re being bullied into this dedication, they’ll virtually definitely gradual stroll no matter investments they do not assume are in their very own financial self-interest,” Laperriere wrote to shoppers in a Wednesday be aware.
