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.

That's down from the 25% levies he proposed earlier this month. Japan's prime minister says duties on autos from his nation will be cut to 15% from 25%.

Wall Street climbed Wednesday after President Donald Trump reached a trade deal with Japan and hopes rose for more agreements by August 1.

The trade deal with Japan is also giving investors hope that there could be similar reductions on tariffs for vehicles imported from other countries—including trade agreements that would benefit U.S.

Stock futures are higher Wednesday as investors welcome news that the U.S. reached a trade agreement with Japan and prepare for the release of quarterly results from major technology companies.

Japanese Prime Minister Shigeru Ishiba has again denied reports that he plans to resign after his party's historic election defeat