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.

Over the past few decades, Japan-based automaker Toyota has spent billions of dollars to expand its manufacturing and assembly plants in the United States. Those plants now employ over 64,000 people across North America and have churned out millions of vehicles.

U.S. President Donald Trump announced a new trade deal with the European Union, imposing a 15% tariff on EU imports while the EU commits $600 billion in U.S. investments. This follows a similar deal with Japan,