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%.

The U.S. and Japan have reached a trade agreement that will lower tariff rates on the longtime U.S. ally down to 15%, President Donald Trump said Tuesday. The 25% tariff rate slated to hit Japan by August will be lowered to 15%, according to Trump, who said Japan will invest $550 billion into the U.S. under the deal.

President Donald Trump’s MAGA media allies are celebrating his administration’s tariff policies and new framework for trade with Japan amid reporting that they are putting U.S. automakers at a severe disadvantage and costing them billions in profits.