The deal with Japan comes days ahead of the 1 August deadline, when 25% tariff rates on Japanese imports were due to take effect.

In comparison with the 25% tariff Trump slapped on Tokyo earlier this month, a 15% tariff seems like a big improvement.

Trump’s so-called reciprocal tariffs are scheduled to go into effect on August 1 after a 90-day delay—just as American families begin back-to-school shopping—and could hike up the cost of consumer goods imported from other countries.