The president imposed tariffs on Japan, one of America’s closest allies, that would have been alarming just months ago. And markets went up.

U.S. automakers are concerned about President Donald Trump's agreement to tariff Japanese vehicles at 15%, saying they'll face steeper import taxes on steel, aluminum and parts than their competitors.

Japan will invest $550 billion into the U.S., and goods from the country will be subject to a 15% tariff, President Trump said. Japan has not commented on the reported deal.