US President Donald Trump has announced a trade deal with Japan he says will result in Japan investing $US550 billion ($A842 billion) into the United States and pay a 15 per cent reciprocal tariff.

In a post on Truth Social, Trump added that Japan will open to trade for cars, trucks, rice and certain agricultural products, among other items.

“This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan,” he said.

Trump’s announcement follows a meeting with Japan’s top tariff negotiator, Ryosei Akazawa, at the White House on Tuesday, according the Asahi newspaper.

The newspaper also reported that Akazawa held meetings with US Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent.

This post was originally published on Michael West.