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.

President Donald Trump on Tuesday said the U.S. and Japan had struck a trade deal that includes a lower 15% tariff that will be levied on U.S. imports from the country, including autos. Julian Satterthwaite reports.

Asian shares have rallied, with Tokyo's benchmark Nikkei 225 index up more than 3% after Japan and the U.S. announced a deal on President Donald Trump's tariffs