President Trump has announced a trade deal with Japan, averting previously threatened tariffs of 25%. The deal, described as 'massive' by the administration, will instead impose tariffs of 15% on Japanese exports to the U.S. starting August 1st. Details of the specific goods affected and the overall economic impact are still emerging, but the agreement is expected to ease trade tensions between the two countries. The initial threat of higher tariffs had raised concerns among businesses and consumers dependent on Japanese imports.