The US and Japan this week reached what President Donald Trump called the largest trade deal in history after Tokyo pledged to set up a $550 billion fund for investment into the US, details of which remain obscure.

By Nora Eckert and David Shepardson DETROIT (Reuters) -Shares of General Motors, Ford Motor, and Jeep-maker Stellantis, some of the biggest automakers in the U.S., rallied on Wednesday after news of a trade deal that will reduce tariffs on imported Japanese cars,

After months of fraught negotiations with the United States, Japan clinched a deal just days before punitive tariffs were scheduled to take effect.

Japan's new trade deal with the US could allow the Bank of Japan to resume monetary policy normalization and support commercial lenders' margins.

The White House has yet to release official details on the Japan trade deal. President Trump said Japan will open its markets to U.S. goods, including cars, trucks and agricultural products. However, U.S. exporters note that many barriers to selling in Japan go beyond what trade deals can address.

Leaders of the European Union and Japan have launched an alliance aimed at boosting economic cooperation, defending free trade and countering unfair trade practices as the two sides face growing challenges from the United States and China.

The unexpected US-Japan trade deal announced Wednesday may end up being a tipping point for the fortunes of many sectors in the stock market — with losers turning into winners, and vice versa.

Trade pact would lower tariffs on car imports from Japan to 15% from 25%, spurring hope that other countries could get similar deals