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.

BIG NEWS!  The U.S. and Japan have reached a trade agreement that will reduce tariffs on Japanese vehicles and auto parts to 15 percent-down from the 25 percent rate that was set to take

Shares of General Motors , Ford Motor , and Jeep-maker Stellantis , some of the biggest automakers in the U.S., rallied on Wednesday after news of a trade deal that will reduce tariffs on imported Japanese cars,

Trump said the U.S. will impose a 15% tariff on Japanese imports under the agreement, which he hailed as "maybe the largest deal in history."

That's down from the 25% levies he proposed earlier this month. Japan's prime minister says duties on autos from his nation will be cut to 15% from 25%.

A group representing the ‘big three’ US automakers raised concerns that the US-Japan trade deal could hurt US auto workers

Chinese and most European indexes rose, and Japan’s TOPIX hit a record high, on trade optimism. Are 15% tariffs the new benchmark for trading with the U.S.? WSJ’s Kim Mackrael discusses. Plus, Tesla’s profit plunges as EV sales continue to drop,

The dollar edged higher against the euro on Thursday following progress in U.S. trade talks with key partners, but slipped against the yen as Japan's currency got a lift from expectations for higher interest rates.