A "massive" $550 billion trade deal has been reached with Japan, President Donald Trump said on Tuesday, adding that it will create hundreds of thousands of jobs."We just completed a massive Deal with Japan,

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%.

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."