The Japanese government, not companies, is poised to back U.S. infrastructure projects of the president’s choosing.

When President Donald Trump revealed that his administration had struck a "massive" trade and investment deal with Japan, he described it as "completed"—but it must still pass the Japanese parliament, called the Diet, which is riven with political turmoil.

The 15% tax is a meaningful drop from the 25% rate that Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting Aug. 1.