The US and Japan have reached a trade agreement, with a 15% tariff and a $500 billion investment. It is estimated that future details will also include tariffs on the steel and automotive industries (either reducing the tax rate or granting quota exemptions). Previously, we discussed how Shibamoto had been tough for three months in order to prepare for the Japanese Senate elections, but unexpectedly, the final election results were a mess, and his attitude has softened accordingly. Next, we will see the negotiations between the US and the EU, South Korea, Canada, and Mexico. As we talked about a week ago: the best scenario would be that before August 1st, the EU, Japan, South Korea, Canada, Mexico, and the US can all make some concessions and reach an agreement. Trump gets most of what he wants (not all), and the EU, Canada, Mexico, Japan, and others can also accept it, leading to a win-win situation. Hopefully, we can achieve the best scenario.