Japan said on Tuesday the trade agreement it struck with the U.S. cleared uncertainties on U.S. trade policies but continued attention needs to be given to risks of those policies putting downward pressure on the Japanese economy.

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.

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.