Trump said Thursday that Japan bought down the 25% tariff rate set to go into effect Aug. 1 to 15% in part by committing to investing $550 billion in U.S. industries, with most of the profits going to the U.S. He suggested that others, including the EU, could strike similar deals.

With inflation creeping back into the US economy, it's as important as ever to have a firm grasp on Donald Trump's tariffs and what they mean.

Trump has sent letters to leaders of dozens of countries outlining the tariff levels set to begin on Aug. 1. In recent months, Trump has rolled back some of his steepest tariffs, meaning delays could be possible in the case of the Aug. 1 deadline. The Trump administration appears to have stood largely behind the deadline in recent days, however.