"The trade deal struck with the U.S. is certainly a relief in that it offers some certainty that U.S. tariffs on Japan-made cars won't rise to punitive levels," said Stefan Angrick, head of Japan and Frontier market economics at Moody's Analytics.

Outside economists say that high tariffs are still likely to raise prices for American consumers, dampen the Federal Reserve’s ability to lower interest rates and make the U.S. economy less efficient over time. Democrats say the middle class and poor will ultimately pay for the tariffs.

Japan's top negotiator is pushing back against claims that the country is handing over hundreds of billions of dollars to the U.S. under a new economic deal with the Trump administration, clarifying that actual investment will make up just 1% to 2% of the $550 billion agreement.

When President Donald Trump revealed that his administration had struck a "massive" trade and investment deal with Japan, he described it as "completed"—but it must still pass the Japanese parliament, called the Diet, which is riven with political turmoil.

The new trade agreement between the U.S. and the European Union will lift tariffs on imports of goods from EU countries to their highest level in decades and hurt the trading bloc's economic growth, according to some experts.

Sohei Kamiya's Sanseitō Party won 14 seats in Japan's Upper House elections, appealing to young voters with a "Japanese first" platform focused on culture, birth rates and food security.

The Japanese government, not companies, is poised to back U.S. infrastructure projects of the president’s choosing.

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%.

Jim Cramer's on-air profanity during "Squawk on The Street" came while discussing Trump's new EU trade deal that includes a 15 percent tariff on most European goods imported to the U.S.