The Japanese government, not companies, is poised to back U.S. infrastructure projects of the president’s choosing.

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

The 15% tax is a meaningful drop from the 25% rate that Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting Aug. 1.