Trump said the U.S. will impose a 15% tariff on Japanese imports under the agreement, which he hailed as "maybe the largest deal in history."

Japan secured a tariff cap and pledged $550B in U.S. investments, with protections on semiconductors and pharmaceuticals under the new trade deal.

That's down from the 25% levies he proposed earlier this month. Japan's prime minister says duties on autos from his nation will be cut to 15% from 25%.

A US-Japan trade agreement, capping auto and goods tariffs at 15%, is setting a new standard for global trade negotiations. Economists believe this be

The 15% tax on imported Japanese goods is a meaningful drop from the 25% rate that Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting Aug. 1.

US President Donald Trump said he will slightly raise across-the-board tariffs on Japan to 25% starting on Aug. 1, giving Prime Minister Shigeru Ishiba an extension that will enable him to try to settle the problem after a national election.

The US sets reciprocal tariffs of 25% for Japan and South Korea. Both countries vowed to accelerate negotiations within three weeks.

The European Union approved potential counter-tariffs on $109 billion of U.S. goods in response to possible 30% tariffs by the U.S. The move aims to encourage a trade agreement with Washington. A possible deal may see a 15% tariff on EU goods,

Since July 7, Trump has been sending out new tariff rates for countries across the globe, including major trading partners Canada, Japan, South Korea, and the European Union (E.U.). He said on July 8 that his Administration views the unilateral tariff rates as deals, though the letters shared thus far do not describe negotiated trade deals.

President Trump will get to decide where to invest Japanese money and the United States will keep 90 percent of the profits, the White House said.