Key points of the “largest trade agreement in history” with Japan, Indonesia, and the Philippines confirmed by Trump

The United States has agreed a set of new trade deals with Japan, Indonesia and the Philippines, cause for celebration during a difficult period for President Donald Trump.

Trump announced the news on Wednesday, hailing it a “massive” achievement in US-Japanese economic relations. BBC reports that the new deal with Japan will see Tokyo invest $550 billion in the United States, while the reciprocal tariff threatened against Japanese goods will be dropped from 25% to 15%.

“I just signed the largest trade deal in history, I think maybe the largest deal in history with Japan,” Trump said in a video released by the White House. “[Japan] had their top people here and we worked on it long and hard and it’s a great deal for everybody.”

“I always say it has to be great for everybody. Its a great deal - a lot different from the deals in the past, I can tell you that.”

It’s not clear exactly what makes it “the largest trade deal in history,” despite Trump’s claim. However the Japanese auto industry does have an enormous market share in the United States, with brands like Honda, Kia and Toyota proving particularly successful. CNN reports that last year Japan exported 1.3 million cars to the United States.

Trump was eager to celebrate the trade deal, which does bring additional funding into the US economy. But it has done little to distract from the swirling controversy surrounding the infamous ‘Epstein list’ of those associated with the disgraced financier Jeffrey Epstein.

Also on Wednesday, a new report from the Wall Street Journal claimed that Trump had been advised by his Attorney General Pam Bondi that his name appears in the Department of Justice’s Epstein report multiple times. The reports adds that Trump’s DOJ later decided not to release the Epstein files, despite having previously indicated a desire to do so.

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