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.

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.

US President Donald Trump says the US has agreed to a "massive" trade deal with Japan, one of the country's largest trading partners. The apparent plan will result in Japan investing $550bn (£407bn) into the US and paying a 15% reciprocal tariff, Trump said in a post on social media.