A federal appeals court will soon hear oral arguments in a high-profile lawsuit challenging Trump's authority to impose sweeping "reciprocal" tariffs. The case is the furthest along of more than half a dozen federal cases targeting Trump's imposition of tariffs using an emergency-powers law known as IEEPA.

President Donald Trump is set to meet with European Commission chief Ursula von der Leyen in Scotland to discuss trade.

Analysts at Bank of America said that the Japan deal "looks like a reasonable blueprint" for other auto-exporting countries like South Korea.

President Donald Trump and EU chief Ursula von der Leyen meet Sunday in Scotland in a decisive push to resolve a months-long transatlantic trade standoff -- with the US leader putting the chances of a deal at one in two.

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."

With the Trump administration setting 15% as a floor for tariffs, companies and economists are warning of higher prices later this year.

A deal with Japan and a potential deal with Europe follows months of uncertainty and will likely raise prices while offering a bit of clarity for global trade.

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.

That's down from the 25% levies he proposed earlier this month. Japan's prime minister says duties on autos from his nation will be cut to 15% from 25%.