The US and the EU will have zero tariffs on aircraft and their components, some chemicals, some generic drugs, some semiconductors, some agricultural products and essential raw materials. Alcoholic beverages are not included in the agreement. The 50% tariffs on steel and aluminum remain.

The new U.S.-Japan trade deal lowers tariffs and strengthens economic ties, helping challenge China's regional aggression and instability.

Japan will invest $550 billion in the U.S. and allow the U.S. to tax Japanese goods sold in America at 15 percent.