Trump said late Tuesday that Japan would be subject to a 15% tariff, significantly lower than the 27.5% rate currently in place for many other foreign cars, trucks and auto parts. The Trump administration confirmed Wednesday morning that the lower rate would apply to Japanese automotive goods, including finished vehicles.

With the powerful Japanese car industry being a particular focus of the deal, Toyota Motor ( TM 13.64%) was a major beneficiary of that sentiment. The storied automaker 's stock popped by nearly 14% over the course of that day, easily beating the 0.8% bump of the S&P 500 index.

* Wall Street now switches back to earnings season, with two of its so-called "Magnificent Seven" megacap firms - Alphabet and Tesla - reporting after the bell on Wednesday. The performance of the former, in particular, will test the durability of the artificial intelligence theme that's still having profound effects on the whole economy.

The U.S. and Japan have reached a trade agreement under which the longtime U.S. will face a 15% tariff—down from a previously threatened 25%—President Donald Trump announced on Tuesday, as Japan’s Prime Minister hailed the move as a “new golden era” in the relationship between the two countries.

A bad night for the ruling coalition could cost the prime minister his job and make it harder to strike a deal with Washington before the August tariff deadline.

The Toyota Land Cruiser is on track for securing its position as Japan’s most stolen vehicle for the fifth consecutive year. Local car thieves are obsessed with the iconic SUV, with the number of reported thefts consistently rising.