BIG NEWS!  The U.S. and Japan have reached a trade agreement that will reduce tariffs on Japanese vehicles and auto parts to 15 percent-down from the 25 percent rate that was set to take

The U.S. and EU are close to reaching an agreement on a 15% tariff rate as part of a similar deal to the one agreed with Japan earlier this week, The Wall Street Journal reported Wednesday.

The deal reduces tariffs on Japanese exports, including autos and auto parts, to15 percent, in exchange for Japanese investment and import commitments.

Toyota has expressed optimism following the announcement of a new trade agreement between the United States and Japan.

The European Union’s trade agreement with the Trump administration is getting mixed reviews. EU officials say they warded off a total economic disaster. But French officials in particular say the EU punched below its weight while economists say the deal is dangerously vague.