U.S. President Donald Trump struck a trade deal with Japan that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans.

Japan will invest $550 billion into the U.S., and goods from the country will be subject to a 15% tariff, President Trump said. Japan has not commented on the reported deal.

President Donald Trump has announced a trade framework with Japan, placing a 15% tax on goods imported from that nation