"We're in much better shape because it's now clear that if there's gonna be a real trade war with anyone, it would just be with China," Secretary Ross tells Fortune.

"The trade deal struck with the U.S. is certainly a relief in that it offers some certainty that U.S. tariffs on Japan-made cars won't rise to punitive levels," said Stefan Angrick, head of Japan and Frontier market economics at Moody's Analytics.

Shortly after, it emerged Trump administration officials had rebuffed his request to pass through US soil next month, over fears it could jeopardize trade talks with China. Adding to the turmoil, Taiwan officials are still racing against a Friday deadline to avert a 32% tariff from the US.

The U.S. and Japan have reached a trade agreement under which the longtime U.S. will face a 15% tariff—down from a previously threatened 25%—President Donald Trump announced on Tuesday, as Japan’s Prime Minister hailed the move as a “new golden era” in the relationship between the two countries.

FOX Business' Charles Payne joins 'Fox & Friends' to break down President Donald Trump's latest trade deals with Japan, Indonesia and the Philippines.

The agreements have been overshadowed by U.S. firms issuing warnings about how the tariffs will impact their bottom lines and prolong uncertainty in the U.S. economy.

Top trade officials from China and the United States have launched a new round of talks aimed at easing tensions over tariffs