Trump admin updates: EU will buy $750 billion worth of U.S. energy under deal

During an interview on "Morning Joe" Tuesday, Treasury Secretary Scott Bessent discussed the trade framework agreed upon with Japan.

He said the administration's negotiations lasted 75 minutes in the Oval Office with the president.

When asked if Trump realizes the consumer pays the tariffs, Bessent disagreed.

"Who pays the tariffs is the choice. And what we've seen thus far is that the manufacturers are eating a substantial portion of the tariff and taking it into their profit margins. So you might see, for instance, Toyota hasn't raised prices and they may choose to go for market share rather than raising prices," Bessent claimed.

When asked whether Americans will feel any impact from tariffs, particularly holiday goods, Bessent reaffirmed that manufacturers have largely absorbed the costs.

“I think what we've seen so far is that the manufacturers have been eating it a lot, or the exporters have been taking a lot of the price or the tariff adjustment. I think we're also seeing a lot of the retailers do it,” he said.

-ABC News' Kelsey Walsh

Shigeru Ishiba, Japan's embattled prime minister, is playing up the agreement between Tokyo and Washington as a win-win.

"With the national interests of both countries in mind, we were able to reach an agreement at this time," Ishiba said.

He touted that despite Japan having a trade surplus with the U.S., the tariff was cut to an unparalleled level, 15 percent. Ishiba assured his countrymen that key strategic sectors like semiconductors and pharmaceuticals were now covered by a clause ensuring Japan would not be treated less favorably than other trade partners in the event of future tariff hikes.

Ishiba painted a picture of a stronger partnership ahead.

"Japan will invest in the United States across key sectors vital to economic security, such as semiconductors, pharma, steel, shipbuilding, critical minerals, aviation, energy, autos, AI, and quantum tech," he said.

Japan's chief negotiator, Economic Revitalization Minister Ryosei Akazawa, had been working on a deal since April. He's made eight trips to Washington, pressing the case in person. After the deal news broke, he tweeted a photo of himself at the White House: "Mission complete. Sincere thanks to all involved."

Shares rallied. Tokyo's benchmark Nikkei 225 index went up 3% after news of the deal.

While touting the deal as a diplomatic success, the prime minister faces deep uncertainty at home. His party no longer holds a majority in either house.

-ABC News' Anthony Trotter

Trump announced Tuesday that a trade deal has been made with Japan, posting on his social media platform that the country will invest $550 billion into the U.S., adding that the U.S. will receive 90% of the profits and that Japan will pay a reciprocal tariff of 15% to the U.S.

In his post about the announcement, Trump wrote that Japan will open its country to trade, including cars, trucks, rice and other agricultural products.

The original reciprocal rate for Japan on April 2 was 24%.

-ABC News’ Hannah Demissie

A spokesperson for Democratic Sen. Adam Schiff denied any wrongdoing in response to Trump's snowballing allegations that he committed mortgage fraud -- maintaining that the president's attacks are political in.

Trump has said over the past week that Schiff has misrepresented which home he uses as his primary residence to get a lower mortgage.

Schiff's office said that lenders have been told "repeatedly" that he maintains homes in both California and Maryland as principal residences. A spokesperson said relevant House counsel has been in consultation with the now-senator over the matter.

“President Trump’s false allegations are a transparent attempt to punish a perceived political foe who is committed to holding him to account. The facts here are simple: Senator Schiff and his wife accurately represented to their lenders that they would occupy and use the Maryland house they purchased in 2003 as a ‘principal residence,’ rather than a vacation home or an investment property,” Marisol Samayoa, spokesperson for Schiff, told ABC News.

"He also disclosed to his lenders -- repeatedly -- that he maintained another home in his district in California, where he lived when not in Washington, and which was also a principal residence, not a vacation home or an investment property. This was done in consultation with relevant House counsel,” Samayoa said.

Trump suggested Tuesday in the Oval Office spray that officials "have" the Democrat.

“Now it looks like Adam Schiff really did a bad thing,” Trump said. “They have him now. Let's see what happens. It's not up to me. It's up to -- I stay out of it purposely, but it's mortgage loan fraud. It's a big deal. He defrauded banks and insurance companies and the federal government, but it's very simple. It's mortgage loan fraud.”

“But he has a lot of other things far worse than that … So, no, Adam Schiff, they have him 100% on mortgage fraud,” Trump said.

-ABC News’ Isabella Murray