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 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.

Commerce Secretary Howard Lutnick revealed to the Daily Caller how he negotiated a massive trade deal with Japan on behalf of the Trump administration. President Donald Trump announced on Wednesday via Truth Social that his administration had secured a trade deal with Japan,

Trump previously threatened a 25% tariff on Japan's exports to the United States in his tariff letter to the country earlier this month.

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%.

Shares of General Motors , Ford Motor , and Jeep-maker Stellantis , some of the biggest automakers in the U.S., rallied on Wednesday after news of a trade deal that will reduce tariffs on imported Japanese cars,