Donald Trump unveils trade agreements with the European Union and Japan that will set baseline tariffs at 15%, with promises that they'll also invest billions of dollars in the U.S., details unspecified.

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."

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.