The US and Japan this week reached what President Donald Trump called the largest trade deal in history after Tokyo pledged to set up a $550 billion fund for investment into the US, details of which remain obscure.

The U.S. and EU are close to reaching an agreement on a 15% tariff rate as part of a similar deal to the one agreed with Japan earlier this week, The Wall Street Journal reported Wednesday.

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