President Trump said he had reached a trade deal with Japan that will see the key American ally invest $550 billion into the US and will set tariffs on Japanese imports at 15 percent.

President Trump's new trade deal with Japan includes a 15% tariff on exports to the U.S., up from earlier rates. CBS News MoneyWatch correspondent Kelly O'Grady breaks down how this could impact major automakers.

Japanese Prime Minister Shigeru Ishiba denied reports he plans to announce his resignation over a historic defeat of his ruling party in a weekend election.