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."

Markets have cheered President Trump’s trade deals with Japan and the European Union. New 15% tariffs on most imported products from those countries are lower than many analysts expected, and they finally bring some predictability to Trump’s chaotic on-and-off-and-on-again tariff policy.