President Donald Trump has announced a trade framework with Japan, placing a 15% tax on goods imported from that nation.

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 announced a trade deal July 22 with the Philippines, hours after the leader of the country paid a visit to the Oval Office ahead of an Aug. 1 reciprocal tariffs deadline. The Southeast Asian country would pay a 19% tariff, Trump said.