WASHINGTON/TOKYO (Reuters) -The United States and Japan struck a deal to lower the hefty tariffs President Donald Trump threatened to impose on goods from its Asian ally that included a $550 billion package of U.S.-bound investment and loans from Tokyo.

Trump’s so-called reciprocal tariffs are scheduled to go into effect on August 1 after a 90-day delay—just as American families begin back-to-school shopping—and could hike up the cost of consumer goods imported from other countries.

On his own terms, it could now be said that the aggressive approach by the US President is yielding tangible results.

Japan's top tariff negotiator, Ryosei Akazawa, met with U.S. President Donald Trump at the White House on Tuesday, the Asahi newspaper reported on Wednesday.

Japanese Premier Shigeru Ishiba on Monday revealed plans to stay in office to provide “stability” and tackle economic concerns after his ruling coalition saw striking losses in the country’s upper house elections.