President Donald Trump on Tuesday night announced that he will lower tariffs on Japan to 15% as part of a trade deal with its ally that will see Japan invest $550 billion in the United States.

Trump previously threatened to impose a 24% tariff rate on Japanese imports in April and 25% in a letter earlier this month. The agreement comes shortly before Trump's Aug. 1 deadline. 

"This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it," Trump said in a post on Truth Social. "Perhaps most importantly, Japan will open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things. Japan will pay Reciprocal Tariffs to the United States of 15%.

"This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan," he continued. "Thank you for your attention to this matter!"

Japan has not yet publicly commented on the new deal. 

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.