Shares of Japanese automakers surged after U.S. auto tariffs were reportedly lowered to 15% from the current 25%, according to public broadcaster NHK, citing a Japanese official. Stocks of Japan's Honda jumped 8.42%, while Toyota climbed 9.97%. Nissan jumped over 7%, and Mazda Motor surged over 16%. Mitsubishi Motors popped over 12%.

Trump will host Philippine President Ferdinand Marcos Jr. at the White House today. White House press secretary Karoline Leavitt said yesterday that the two leaders could discuss trade and the upcoming Aug. 1 tariff deadline.

Japan's top tariff negotiator, Ryosei Akazawa, met with U.S. President Donald Trump at the White House on Tuesday, the Asahi newspaper reported on Wednesday.

In comparison with the 25% tariff Trump slapped on Tokyo earlier this month, a 15% tariff seems like a big improvement.

Japanese Premier Shigeru Ishiba on Monday revealed plans to stay in office to provide “stability” and tackle economic concerns after his ruling coalition saw striking losses in the country’s upper house elections.

Trump will show no mercy to [either] a lame duck Ishiba or because of a political vacuum,” advisory firm Quantum Strategy said.

Japan's chief tariff negotiator Ryosei Akazawa met with U.S. President Donald Trump at the White House to discuss averting a proposed 25% tariff on Japanese imports. As the August 1 deadline approaches,