Toyota Motor Corp. said it hopes for improved ties between the US and Japan, going as far as to call for further tariff reductions a day after President Donald Trump announced a much-awaited trade pact with the island nation.

Trump said late Tuesday that Japan would be subject to a 15% tariff, significantly lower than the 27.5% rate currently in place for many other foreign cars, trucks and auto parts. The Trump administration confirmed Wednesday morning that the lower rate would apply to Japanese automotive goods, including finished vehicles.