The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

President Donald Trump announced a trade agreement with Japan on Tuesday, making it the largest U.S. trade partner to broker an accord as the White House threatens to impose tariffs on dozens of countries within days.

"The biggest piece in the trade deal puzzle still remains, and the Chinese are unlikely to be as willing to fold."

Following the news of reduced tariffs on Japanese car imports as part of President Donald Trump’s new trade deal with Japan, automakers in the land of the rising sun have much to say about what went down and how it impacts their business.

White House Press Secretary Karoline Leavitt said, "Japan will now pay a 15% tariff versus the reciprocal rate of 24% that they initially had."

President Donald Trump and European Commission President Ursula von der Leyen met in Scotland on Sunday to iron out a US-EU trade deal. Without an agreement, the EU was due to get hit with a 30% tariff rate on Aug.

Japan’s surprise trade deal with the US sent its markets on a wild ride, pushing stocks to all-time highs and fueling a selloff in government bonds.

The Japanese government, not companies, is poised to back U.S. infrastructure projects of the president’s choosing.