A deal with Japan and a potential deal with Europe follows months of uncertainty and will likely raise prices while offering a bit of clarity for global trade.

Blunt said in an interview the U.S. companies and workers “definitely are at a disadvantage” because they face a 50% tariff on steel and aluminum and a 25% tariff on parts and finished vehicles, with some exceptions for products covered under the United States-Mexico-Canada Agreement that went into effect in 2020.

The new rate is higher than what Trump had threatened when he first unveiled sweeping global tariffs in April.