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.

The agreement will impose tariffs of 15 percent on Japanese goods, down from a threatened 25 percent. Trump said Japan would also invest $550 billion in the U.S.

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.

Wall Street inched to another record after some mixed profit reports, as General Motors and other big U.S. companies gave updates on how much President Trump's tariffs are hurting or helping them

Wall Street is hanging around its records following some mixed profit reports, as General Motors and other big U.S. companies give updates on how much President Donald Trump’s tariffs are hurting

The EU and United States are closing in on a trade deal that would impose 15% tariffs on European imports, similar to the agreement U.S. President Donald Trump struck with Japan this week, the Financial Times reported on Wednesday.