After months of fraught negotiations with the United States, Japan clinched a deal just days before punitive tariffs were scheduled to take effect.

EDINBURGH, Scotland (AP) — The United States and the European Union agreed on Sunday to a trade framework setting a 15% tariff on most goods, staving off — at least for now — far higher import duties on both sides that might have sent shock waves through economies around the globe.

View PDF After more than three months of formal negotiations and many more months of speculation about the Trump administration’s trade and economic policy toward Japan, Washington and Tokyo have agreed to a trade deal.

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,

President Trump will get to decide where to invest Japanese money and the United States will keep 90 percent of the profits, the White House said.

US stocks were also set to open higher, but the euro weakened as investors digested the early details of a trade deal that left elevated tariffs on most EU goods. The terms of the deal sparked a backlash from some European politicians and industries,

What matters in U.S. and global markets today European stocks and Wall Street futures climbed again after the weekend deal between the United States and European Union averted a trade war between two allies that account for almost a third of global trade.