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."

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%.

Since July 7, Trump has been sending out new tariff rates for countries across the globe, including major trading partners Canada, Japan, South Korea, and the European Union (E.U.). He said on July 8 that his Administration views the unilateral tariff rates as deals, though the letters shared thus far do not describe negotiated trade deals.