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."

The U.S. and EU are close to reaching an agreement on a 15% tariff rate as part of a similar deal to the one agreed with Japan earlier this week, The Wall Street Journal reported Wednesday.

Japanese automakers express mixed feelings on the new Trump trade deal. While welcoming lower tariffs, concerns linger over market access and the deal's long-term impact.

The deal, which includes a 15% tariff on EU goods entering the U.S. and significant EU purchases of U.S. energy and military equipment, will bring welcome clarity for EU companies though many in Europe will see it as a poor outcome.

President Donald Trump and European Commission President Ursula von der Leyen met in Scotland on Sunday to iron out a US-EU trade deal. Without an agreement, the EU was due to get hit with a 30% tariff rate on Aug.

The EU faces potential 30% tariffs as Commerce Secretary Howard Lutnick confirmed there will be no extensions beyond the Trump administration's Aug. 1 deadline.

A new Nissan Murano on your shopping list? Or perhaps the 2026 Mazda CX-5? Big price hikes may be coming for Japanese auto imports under the U.S.-Japan trade deal announced Wednesday.