Tariffs on dozens of countries are set to go into effect this Friday, Aug. 1. Since becoming president, Trump has frequently delayed tariff deadlines and changed the proposed rates, making the policy one of his most unpredictable plans. Lutnick suggested that would not be the case this time.

U.S. President Donald Trump struck a trade deal with Japan that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans.

Over the past few decades, Japan-based automaker Toyota has spent billions of dollars to expand its manufacturing and assembly plants in the United States. Those plants now employ over 64,000 people across North America and have churned out millions of vehicles.

President Donald Trump is set to meet with European Commission chief Ursula von der Leyen in Scotland to discuss trade. Both sides are seeking an agreement on tariff rates.

As President Donald Trump’s tariffs add to a sense of uncertainty in Japan, the Sanseito party and its leader Sohei Kamiya made gains on a “Japanese first” platform.

Investors, finally having some good news, seemed to largely ignore thorny questions about the details of the trade deal, let alone the tenuous position of Prime Minister Shigeru Ishiba following a recent election setback.

Trump said the U.S. may send out tariff rebate checks, though lowering the national debt would take precedence.

US stocks are floating near all-time highs as Wall Street maintains cautious optimism that Washington might ink more trade deals, avoiding a worst-case scenario of extraordinarily high tariffs and enabling the resilient economy to continue chugging along.