President Trump said the U.S. and Japan reached a trade deal, with so-called reciprocal tariffs on imports from the country set at 15%—lower than the 25% he recently threatened.

Under the deal, Japan will invest $550 billion in the U.S., Trump said in a Truth Social post, writing the U.S. would receive “90% of the Profits” from the investments. He didn't provide further details. Japan also will open trade in cars, trucks, rice and other agricultural products, he posted. Japanese Prime Minister Shigeru Ishiba said the deal would lead the two nations to create jobs and produce high-quality goods. The WSJ's Gavin Bade and Megumi Fujikawa report that critically for Japan and its powerhouse auto industry, tariffs on autos will be lowered to 15% from their current 25%, but there is no change to tariffs on steel, currently at 50%.

Trump’s post came hours after he said the U.S. would charge a 19% duty on imports from the Philippines, while U.S. exports there would receive “Zero Tariffs.” A 19% tariff also will be applied to imports from Indonesia, with 99% of trade from the U.S. getting duty-free treatment, administration officials said. Indonesian goods with a large amount of content from other nations–particularly China–will face 40% duties.

• Treasury Secretary Scott Bessent said he would soon meet top Chinese officials to likely extend the two countries’ trade truce. (WSJ)
• General Motors said new tariffs on imported cars and auto parts took a $1.1 billion bite out of its bottom line, with greater impacts yet to come.
• Canadian National Railway reported a decline in second-quarter revenue and cut its 2025 earnings guidance on tariff volatility. (WSJ)
• AstraZeneca said it plans to invest $50 billion in the U.S. by 2030. (WSJ)
• Ontario’s premier said he hadn’t ruled out reimposing a surcharge on electricity exports to the U.S. if trade talks with Canada don’t bring a fair deal. (Bloomberg)

Homebuilder stocks shot higher on heartening earnings reports, lifting suppliers such as Builders FirstSource and TopBuild, as well. Although PulteGroup and D.R. Horton posted declines in sales and profit, they were slower than forecast by Wall Street, Kelly Cloonan of Dow Jones Newswires writes. The results followed promising residential-construction data last week, with June housing starts rising about 4.8% to 1.32 million from May. Existing home-sale figures are due out today, with a 7% year-over-year drop expected. New home sales, set for Thursday, are forecast to have risen 3.5%.

• Trump said his administration was exploring removing capital-gains taxes on home sales to spur the housing market amid high mortgage rates. (WSJ)
• The Trump administration’s proposed $27 billion cut to federal rental-assistance programs is prompting some lenders to pull back, stalling new affordable-housing projects. (WSJ)

Coca-Cola says it has enough cane sugar to give President Trump what he wants: a new line of cane sugar-sweetened Coke. This will be a new product and isn’t replacing standard Coca-Cola, which is sweetened with high-fructose corn syrup, the WSJ's Laura Cooper and Dean Seal write.

The announcement comes after Trump last week said he had been in contact with the company about using cane sugar. Coca-Cola already sells Mexican-made Coca-Cola sweetened with cane sugar in the U.S., and its Kosher for Passover Coke is made with sugar. Sugar consumption in the U.S. far outstrips domestically produced cane sugar, with imports and sugar from beets making up the deficit. Coca-Cola said that it would plant more acres of cane if demand grows.

• Cal-Maine Foods logged a jump in quarterly earnings and sales as a limited supply of eggs continues to drive up prices. (WSJ)

Manufacturing activity in the mid-Atlantic region this month deteriorated unexpectedly, a Richmond Fed survey showed. (WSJ)

The U.S. announced sanctions targeting a network for allegedly importing petroleum into Houthi-controlled parts of Yemen. (Dow Jones Risk Journal)

Northrop Grumman posted higher quarterly results as sales from its aeronautics, defense and mission-systems units overcame space-system woes. (WSJ)

RTX posted higher quarterly profit and sales on growth across all the aerospace and defense company's segments. (WSJ)

Lockheed Martin’s quarterly profit fell as the defense company was hit by more than $1.7 billion in charges. (WSJ)

Truckmaker Paccar posted lower profit and revenue as challenges in the North American market continued. (Dow Jones Newswires)

Hub Group said in a news release that it agreed to acquire Marten Transport’s intermodal assets for $51.8 million in cash.

The Port of Rotterdam, Europe’s largest, reported throughput of 211 million metric tons in the first half of 2025, a 4.1% drop from a year earlier.

A unit of Hanwha Ocean ordered an LNG carrier from its Hanwha Philly Shipyard, though the vessel will be built in South Korea and flagged in the U.S. (Reuters)

The European Union seeks to work with Japan to mine rare-earth elements. (Nikkei Asia)

The Transportation Department will lose about 7% of its staff from early-buyout offers, with reductions of about 30% at sub-agencies overseeing transit and highway safety. (Politico)

Boeing started production of its 777-8 freighter, with the first delivery of the aircraft expected in 2028. (Air Cargo News)

China’s first domestically built polar icebreaker arrived in the Arctic north of Alaska for a research mission. (gCaptain)

Mark R. Long is editor of WSJ Logistics Report. Reach him at mark.long@wsj.com. Follow the WSJ Logistics Report team on LinkedIn: Mark R. Long, Liz Young and Paul Berger.