U.S. President Donald Trump’s trade deal with Japan has sparked fresh optimism that the global economy will manage to avoid getting hit with extremely elevated tariffs, even as many U.S. trading partners still don’t have agreements.

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."

A deal with Japan and a potential deal with Europe follows months of uncertainty and will likely raise prices while offering a bit of clarity for global trade.

President Donald Trump has begun announcing a suite of new bilateral trade agreements. The details of the deals — and who, if anyone, stands to benefit — remain largely unknown. On Tuesday, Trump heralded three new agreements with Indonesia,

President Donald Trump announced a trade agreement with Japan on Tuesday, making it the largest U.S. trade partner to broker an accord as the White House threatens to impose tariffs on dozens of countries within days.

The tariff rate for goods imported into the U.S. from both the Philippines and Indonesia will be 19%, the president said.

The U.S.-Japan trade deal was giving Wall Street a boost on Wednesday morning amid hopes that it could lead to a tariff breakthrough with other countries ahead of President Donald Trump's Aug. 1 deadline,

The tariffs placed on foreign goods imported into the United States are being paid for by the American people and businesses rather than governments and companies outside of the U.S. And things are only set to get worse if this