U.S. automakers are concerned about President Donald Trump's agreement to tariff Japanese vehicles at 15%, saying they'll face steeper import taxes on steel, aluminum and parts than their competitors.

The U.S. and Japan have reached a trade agreement that will lower tariff rates on the longtime U.S. ally down to 15%, President Donald Trump said Tuesday. The 25% tariff rate slated to hit Japan by August will be lowered to 15%, according to Trump, who said Japan will invest $550 billion into the U.S. under the deal.