T he U.S. and Japan have reached a trade agreement under which the longtime U.S. will face a 15% tariff—down from a previously threatened 25%—President Donald Trump announced on Tuesday, as Japan’s Prime Minister hailed the move as a “new golden era” in the relationship between the two countries.

The U.S. has a fifty-fifty chance of striking a deal with the European Union that will result in lower tariff rates on imports, President Donald Trump told reporters Friday.

President Donald Trump struck a trade deal with Japan Wednesday that will lower tariffs on auto imports and spare Tokyo from levies on other goods.