Analysts at Bank of America said that the Japan deal "looks like a reasonable blueprint" for other auto-exporting countries like South Korea.

A federal appeals court will soon hear oral arguments in a high-profile lawsuit challenging Trump's authority to impose sweeping "reciprocal" tariffs. The case is the furthest along of more than half a dozen federal cases targeting Trump's imposition of tariffs using an emergency-powers law known as IEEPA.

Nearly every member of the European Union supports a plan to hit back against President Trump’s tariffs if no agreement is reached.

Among the strongest performers, Thermo Fisher Scientific rose 12%, topping the leaderboard for large-cap stocks, followed by T-Mobile US, up 9%.

The agreements have been overshadowed by U.S. firms' warnings that the tariffs will affect their bottom lines and prolong uncertainty in the economy.

The White House factsheet on the trade deal mentions that Japan will also buy 100 Boeing Co. planes as well as US defense equipment worth additional billions of dollars annually. Akazawa said both these pledges were based on existing plans by Japanese airlines and the government, respectively.

With the Trump administration setting 15% as a floor for tariffs, companies and economists are warning of higher prices later this year.

The New York Yankees' two-year nightmare at the hot corner is finally over. And that comes at the expense of the Colorado Rockies.