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."

The 15% tax 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.

The Trump administration secured a $550 billion investment from Japan with 90% of profits going to the US, along with reciprocal tariffs of 15% and expanded market access.