President Trump says his new trade deal with Japan will generate massive U.S. profits and lower tariffs, but Morning Joe's economist analyst Steve Rattner says American consumers will end up footing the bill.

It is the most significant of a clutch of agreements Trump has bagged since unveiling sweeping global levies in April, though like other deals, exact details remained unclear.

Japanese Prime Minister Shigeru Ishiba denied reports he plans to announce his resignation over a historic defeat of his ruling party in a weekend election.