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.

The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

"The biggest piece in the trade deal puzzle still remains, and the Chinese are unlikely to be as willing to fold."

President Donald Trump announced July 27 the United States had reached a trade deal with the European Union, days ahead of a self-imposed Aug. 1 deadline. Trump met with the EU's president, Ursula von der Leyen, during his trip to Scotland over the weekend, where the pair discussed terms and came to an agreement.

Secretary of Commerce Howard Lutnick said President Donald Trump’s Aug. 1 tariff deadline would not change. Tariffs on dozens of countries are set to go into effect this Friday, Aug. 1. Since becoming president,

As President Donald Trump’s tariffs add to a sense of uncertainty in Japan, the Sanseito party and its leader Sohei Kamiya made gains on a “Japanese first” platform.

Investors, finally having some good news, seemed to largely ignore thorny questions about the details of the trade deal, let alone the tenuous position of Prime Minister Shigeru Ishiba following a recent election setback.

Trump said the U.S. may send out tariff rebate checks, though lowering the national debt would take precedence.