Over the past few decades, Japan-based automaker Toyota has spent billions of dollars to expand its manufacturing and assembly plants in the United States. Those plants now employ over 64,000 people across North America and have churned out millions of vehicles.

Toyota has expressed optimism following the announcement of a new trade agreement between the United States and Japan.

Trump said late Tuesday that Japan would be subject to a 15% tariff, significantly lower than the 27.5% rate currently in place for many other foreign cars, trucks and auto parts. The Trump administration confirmed Wednesday morning that the lower rate would apply to Japanese automotive goods, including finished vehicles.