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."

Over the past few decades, Japan-based automaker Toyota has spent billions of dollars to expand its manufacturing and assembly plants in the United States. Those plants now employ over 64,000 people across North America and have churned out millions of vehicles.

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%.

U.S. President Donald Trump struck a trade deal with Japan that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans.

President Trump and President of the European Commission Ursula von der Leyen announced a trade deal on Sunday, setting tariffs at 15 percent for European goods, including automobiles. The

U.S. automakers worry that President Donald Trump’s agreement to tariff Japanese vehicles at 15% would put them at a competitive disadvantage, saying they will face steeper import taxes on steel, aluminum and parts than their competitors,

The EU deal would be a huge prize, given that the U.S. and EU are each other's largest trading partners by far and account for a third of global trade in goods and services.

Donald Trump's tariff announcement and pause roiled and reinvigorated Wall Street. The wild ride for stocks truly began following the close of trading on April 2. This day, common

President Donald Trump is set to meet with European Commission chief Ursula von der Leyen in Scotland to discuss trade. Both sides are seeking an agreement on tariff rates.