Japan and the United States reached a surprise trade deal on Tuesday in Washington after months of fruitless negotiations and some tense moments, with both sides taking victory laps and Japanese markets cheering the news.
The United States is promoting it as the deal of the century. For Japan, it was a mission-accomplished moment.
The agreement, the details of which are still being ironed out, includes a 15% "reciprocal" tariff on most Japanese goods and 12.5% on cars, with 50% tariffs on steel and aluminum remaining unchanged.
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