A slew of countries will face steep levies, including a 50% tariff on imports from Brazil and a 30% tariff on the European Union.

President Donald Trump said the U.S. and Japan have struck a deal that will lower the hefty tariffs Trump had threatened to impose on goods from its Asian ally while extracting commitments for Japan to invest $550 billion in the U.

The agreement will impose tariffs of 15 percent on Japanese goods, down from a threatened 25 percent. Trump said Japan would also invest $550 billion in the U.S.