The pact will see Japan face reciprocal tariffs of 15 per cent, compared to the 25 per cent Donald Trump had initially threatened, the U.S. president announced on social media Tuesday evening. (The Logic)

Talking point: Trump said he would lower tariffs for any country that opens its markets to the U.S. Under the new pact, Japan would open up access for U.S. cars, trucks, rice and other agricultural products. The country has also agreed to invest US$550 billion in the U.S., he said. The deal also improves the tariff conditions for Japanese auto giants like Honda, Nissan and Toyota, which previously faced a 27.5 per cent levy. Japan’s chief negotiator told reporters in Tokyo that there’s no change to the 50 per cent tariff the U.S. imposed on steel imports from Japan.