President Trump announced, late yesterday evening, that the US and Japan had finally agreed a trade deal. The deal would see 15% blanket tariffs on all Japanese imported goods which was lower than the original 25% set to be implemented in the coming weeks but above the existing 10%. The deal carved out reciprocal imports of US cars and rice into Japan further increasing US exports. Japanese cars also had the 5% levy applied to them with no cap on the number of cars which can be imported into the US. The stock market reacted very positively to the announcement with European and Japan stocks rallying sharply with Japanese auto makers leading the way.