A "massive" $550 billion trade deal has been reached with Japan, President Donald Trump said on Tuesday, adding that it will create hundreds of thousands of jobs."We just completed a massive Deal with Japan,

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.

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."