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

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.

President Donald Trump reached a trade deal with Japan that will impose 15% tariffs on US imports from the country, including its auto sector, while creating a $550 billion fund backed by the Japanese to make investments in America.