That rate is lower than the 24% that Trump threatened Japan with on April 2 and the 25% that he said he would hit Japanese imports with in a letter on July 7. Before Trump's current term, the effective U.S. tariff rate on Japanese imports was less than 2%, according to World Bank data.

The Trump administration’s trade deal with China that sharply lowered the tariff rate on Chinese imports is expected to be extended past its Aug. 12 deadline, Treasury Secretary Scott Bessent predicted Tuesday,

Auto giant’s stock falls in premarket trading after it reveals $1.1 billion in tariff costs in the second quarter, despite mitigation efforts.