The U.S. and EU are close to reaching an agreement on a 15% tariff rate as part of a similar deal to the one agreed with Japan earlier this week, The Wall Street Journal reported Wednesday.

The US and Japan this week reached what President Donald Trump called the largest trade deal in history after Tokyo pledged to set up a $550 billion fund for investment into the US, details of which remain obscure.

Japan will invest $550 billion in the U.S. and allow the U.S. to tax Japanese goods sold in America at 15 percent.