Japan will invest $550 billion into the U.S., and goods from the country will be subject to a 15% tariff, President Trump said. Japan has not commented on the reported deal.

In his characteristic way, Trump says his Japan announcement is "massive", describing it as "the largest trade deal in history". He also claims his breakthrough meeting with Philippine President Ferdinand Marcos Jr was "beautiful".

In a letter to Japanese Prime Minister Shigeru Ishiba earlier this month, Trump said the US will charge Japan 25 per cent reciprocal tariffs, a percentage point higher than what Trump initially announced. He has also said that his government will impose 25 per cent tariffs on Korea.