Japan trade deal info on Trump's desk was altered by hand with a marker
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CNBC

Japan trade deal info on Trump's desk was altered by hand with a marker

July 23, 2025
03:29 PM
4 min read
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Details of the Japan deal seen in a photo posted by Dan Scavino, the White House deputy chief of staff, show discrepancies and last-minute edits.

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investment

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July 23, 2025

03:29 PM

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CNBC

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investmenttradingtechnologyautomotivemarket cyclesgeopoliticaldata analysis

President Donald Trump announced a trade deal with Japan, which he said includes a 15% tariff rate and $550 billion of Japanese investments in the U

A card on his desk with details of the deal shows discrepancies and last-minute edits, according to a photo posted on X by Dan Scavino, the White House deputy chief of staff, in this volatile climate

On the other hand, President Donald Trump discussing a U, in this volatile climate

On the other hand, -Japan trade agreement with a Japanese delegation and top White House aides in the Oval Office, July 22, 2025

Furthermore, Source: @Scavino47 via X | The White HousePresident Donald Trump's art of the deal seemed to play out in real time Tuesday

Trump on Tuesday night announced on his Truth Social platform what he called a "massive" trade agreement with Japan, which the president said includes a 15% tariff rate and $550 billion in investments, in today's market environment

But the details of that deal on a card on Trump's desk during a meeting with a Japanese delegation and top White House aides shows discrepancies and last-minute edits, according to a photo posted on X by Dan Scavino, the White House deputy chief of staff

The data indicates that card on Trump's desk displays a 10% tariff, in addition to a 15% levy rate on the automotive, pharmaceutical and semiconductor industries

However, Trump said in his Truth Social post only that Japan would face a rate of 15%, without elaborating. "Japan will pay Recical Tariffs to the United States of 15%," Trump wrote, in light of current trends

Moreover, Below the tariff rate, "$400B" appears on the board in large lettering

The number four is crossed out, with "500" written above it

That seems to reference Japan's plan to invest in the U

Moreover, , which Trump explained in his social media post, in this volatile climate

Meanwhile, But Trump used a different figure in his post than even the altered amount on the card, saying in the post that Japan would invest $550 billion in the U, considering recent developments

It's not why the amount in his post was $50 billion higher than the altered amount on the card

Moreover, "Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the fits," Trump wrote in the post

However, "This Deal will create Hundreds of Thousands of Jobs — There has never been anything it (noteworthy indeed). "The White House did not on CNBC's request for clarification on the tariff rate or total investment amount (noteworthy indeed), amid market uncertainty

It's not whether the change on the card is the result of last-minute negotiations by Trump, typos, or something else (remarkable data) (this bears monitoring), amid market uncertainty

Nor was it who altered the $400 billion figure

Commerce Secretary Howard Lutnick appeared to take credit for the board in a Wednesday morning interview with Bloomberg but did not directly address the edits or discrepancies, given the current landscape. "I created the big board and put it there," Lutnick said

Nevertheless, "But the answer is: the negotiator in chief of the United States of America is sitting behind the desk

Donald Trump is sitting there negotiating the deal. "Treasury Secretary Scott Bessent said in a Wednesday morning interview with Bloomberg that auto imports to the U

From Japan got the 15% rate — despite some other countries' automakers facing higher rates — because Japan offered guarantees of equity credit and funding for large U (this bears monitoring), in today's market environment

Furthermore, This statement came in response to a question whether trading partners could now expect to see a floor of 15% tariffs during negotiations. "That's a different kind of deal," Bessent said

However, "They got the 15% rate because they were willing to vide this innovative financing mechanism, considering recent developments

Furthermore, "Wall Street was left a bit confused by the terms of the deal

At the same time, Andy Laperriere, head of U

Furthermore, Policy re at Piper Sandler, said Japanese officials are "describing it differently" when it comes to the investment plan

Japan's leaders, he said, see the $550 billion figure as a cap and inclusive of government loan guarantees. "Especially given that the Japanese believe they are being bullied into this commitment, they will almost certainly slow walk whatever investments they don't think are in their own economic self-interest," Laperriere wrote to clients in a Wednesday note.