The Dow Jones Industrial Average and other major stock indexes rose Wednesday, drawing support from President Donald Trump's announcement of a trade deal with Japan. Meanwhile, reports said the European Union was preparing a massive tariff plan ahead of a key deadline.

The U.S. and Japan have reached a trade agreement that will lower tariff rates on the longtime U.S. ally down to 15%, President Donald Trump said Tuesday. The 25% tariff rate slated to hit Japan by August will be lowered to 15%, according to Trump, who said Japan will invest $550 billion into the U.S. under the deal.

Japanese shares soared on Wednesday after President Donald Trump said he had struck a trade deal with Tokyo. The flagship Nikkei 225 index closed 3.5% higher, with car stocks including Toyota, Honda,