The president imposed tariffs on Japan, one of America’s closest allies, that would have been alarming just months ago. And markets went up.

Blunt said in an interview the U.S. companies and workers “definitely are at a disadvantage” because they face a 50% tariff on steel and aluminum and a 25% tariff on parts and finished vehicles, with some exceptions for products covered under the United States-Mexico-Canada Agreement that went into effect in 2020.

The agreement will impose tariffs of 15 percent on Japanese goods, down from a threatened 25 percent. Trump said Japan would also invest $550 billion in the U.S.