Analysts at Bank of America said that the Japan deal "looks like a reasonable blueprint" for other auto-exporting countries like South Korea.

President Donald Trump announced new trade agreements with Japan, the Philippines and Indonesia this week as the Trump-imposed August 1 tariff deadline approaches. The U.S.–Japan agreement reduces planned tariffs on Japanese exports from 25% to 15% in exchange for a $550 billion Japanese investment in U.

President Trump announces a trade deal framework with Japan, imposing a 15% tariff on Japanese imports while eliminating tariffs on U.S. exports to 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."

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%.