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.

President Trump says Tokyo will face 15% reciprocal tariffs instead of the 25% he had threatened while the nation invests $550 billion into the U.S.

Who’s paying for Donald Trump’s tariffs? So far, American businesses and consumers. General Motors Co. was the latest US company to disclose how the levies are raising costs, with the automaker saying Tuesday that the duties dented profits by more than $1 billion as it chose to absorb the blow.

Analysts at Citi and at Deutsche Bank have looked into who is paying for the tariffs imposed by the Trump administration this year.