The U.S. and Japan announced they've reached a major trade agreement.

President Trump hailed the breakthrough as a significant victory for American companies and consumers.

In return, he said the U.S. won't impose punishing 25 percent tariffs on Japan at the end of this month.

William Brangham has more.

While the exact text of the Japan deal has not been released, President Trump says

Japan has agreed to open its markets more to American cars and trucks, as well as rice

and other agricultural products. It also agreed to invest $550 billion in the U.S. In exchange, the U.S. will not impose its threatened

25% tariffs on Japanese goods coming to America. Those will instead be set at 15%. So for more on what

this deal means, we are joined by Kate Kulukowitz. She's senior managing director at

McClarty Associates, which is an international trade consulting firm. Kate, thank you so much

for being here. Again, as I said, we don't really know the granular details of this deal,

but is it, as President Trump has said, a major opening of the Japanese market to American goods?

Well, you know, as you say, we don't have all the details.

It does represent if we take the president as his word.

It represents some significant market wins that he's been seeking, notably on U.S. agriculture,

which the Japan market has notoriously been closed to U.S. goods, as well as some important

commercial purchases, such as airplanes. So the sectors, tell me a little bit more about the sectors

that might benefit most from this. Well, it appears that the president

was successful in attaining some concessions from the Japanese on rice. This was a sector, of course,

of top interest. The rice market in Japan is quite protected. They allow a certain amount of

rice to enter the market without paying tariffs, but once they hit this quota, tariff rates exceed 700%.

This has been a very significant area of interest for the U.S. agricultural community.

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