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."

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%.

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

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 agreements have been overshadowed by U.S. firms' warnings that the tariffs will affect their bottom lines and prolong uncertainty in the economy.

Japanese Prime Minister Shigeru Ishiba called the announcement of slightly higher US tariffs “truly regrettable” while he vowed to continue to protect his nation’s interests in the extended trade negotiations.

Japan will import more rice from the United States but within the existing tariff-free quota, Prime Minister Shigeru Ishiba said on Wednesday, stressing Tokyo's success in protecting the agricultural sector in agreeing a bilateral trade deal.

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.

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