That's down from the 25% levies he proposed earlier this month. Japan's prime minister says duties on autos from his nation will be cut to 15% from 25%.

The 15% tax is a meaningful drop from the 25% rate that Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting Aug. 1.

Japan will import more rice from the United States but within the existing tariff-free quota, Prime Minister Shigeru Ishiba said on Wednesday, stressing Tokyo's success in protecting the agricultural sector in agreeing a bilateral trade deal.

Japanese Prime Minister Shigeru Ishiba denied reports he plans to announce his resignation over a historic defeat of his ruling party in a weekend election.

Asian shares rose Thursday, buoyed by optimism that the U.S.-Japan tariff agreement will be followed by more trade deals. Japan’s Nikkei 225 surged nearly 2% to 41,983.50. The Shanghai Composite Index added 0.