TOKYO (Reuters) -Japan's leading trade negotiator said on Tuesday that the trade deal Tokyo agreed with the United States last week guarantees Japan will always receive the lowest tariff rate on chips and pharmaceuticals of all the pacts negotiated by Washington.

President Donald Trump announced a trade agreement with Japan on Tuesday, making it the largest U.S. trade partner to broker an accord as the White House threatens to impose tariffs on dozens of countries within days.

The deal imposes 15% tariffs on Japanese cars and other goods, one of the more favorable rates. While the start date and other basic elements are still unknown, Treasury Secretary Scott Bessent warned this week that the US would monitor implementation and bump the rate up to 25% if Trump isn’t satisfied.

President Donald Trump announced a long-awaited trade agreement with Japan on Tuesday night, a framework between allies and major trading partners that appeared elusive just weeks ago.

Japan's government said on Friday that profits from a $550 billion investment package agreed in this week's tariff deal with the U.S. would be split between Japan and the U.S. according to the degree of contributions by each side.

The White House factsheet on the trade deal mentions that Japan will also buy 100 Boeing Co. planes as well as US defense equipment worth additional billions of dollars annually. Akazawa said both these pledges were based on existing plans by Japanese airlines and the government, respectively.

Investors gave a tepid welcome to President Trump's trade deal with the European Union. Follow along for live updates on the Dow, S&P 500 and Nasdaq.