Global shares rallied on Wednesday, with Tokyo’s benchmark Nikkei 225 index gaining 3.5% after Japan and the U.S. announced a deal on President Donald Trump’s tariffs.France’s CAC 40 added 1.4% in early trading to 7,854.75, while Germany’s DAX gained 0.9% to 24,260.62. Britain’s FTSE 100 rose 0.6% to 9,075.46. The future for the S&P 500 gained 0.4% while that for the Dow Jones Industrial Average was up 0.5%.The tariff agreement as announced calls for a 15% U.S. import duty on goods from Japan, apart from certain products such as steel and aluminum that are subject to much higher tariffs. That’s down from the 25% Trump had said would kick in on Aug. 1 if a deal was not reached.“This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it,” Trump posted on Truth Social, noting that Japan was also investing “at my direction” $550 billion into the U.S. He said Japan would “open” its economy to American autos and rice.Japan’s benchmark Nikkei 225 surged as much as 3.7%, closing at 41,171.32.Hong Kong’s Hang Seng jumped 1.6% to 25,538.07, while the Shanghai Composite index was little changed, gaining less than 0.1% to 3,582.30.Australia’s S&P/ASX 200 edged up 0.7% to 8,737.20 and the Kospi in South Korea edged 0.4% higher to 3,183.77.“President Trump has signed two trade deals this week with the Philippines and Japan which is likely to keep market sentiment propped up despite deals with the likes of the EU and South Korea remaining elusive, for now at least,” Tim Waterer, chief market analyst at Kohle Capital Markets, said in a report.There was a chorus of no comments from the Japanese automakers, despite the latest announcement, including Toyota Motor Corp., Honda Motor Co and Nissan Motor Corp.Japanese companies tend to be cautious about their public reactions, and some business officials have privately remarked in off-record comments that they hesitate to say anything because Trump keeps changing his mind.The Japan Automobile Manufacturers’ Association also said it had no comment, noting there was no official statement yet. Japan’s Prime Minister Shigeru Ishiba welcomed the agreement as beneficial to both sides.Toyota stock jumped 14% in Tokyo trading, while Honda was up more than 11% and Nissan added 8%. In other sectors, Nippon Steel, which is acquiring U.S. Steel, rose 2.7% while video game maker and significant exporter Nintendo Co. added 0.7%. Sony Group surged 4.3%.But Takeshi Niinami, chairman of the Japan Association of Corporate Executives, which groups about 1,600 top executives, issued a note of caution about the nation having to be resilient and pushing free trade, while welcoming the tariff deal.“I hope this U.S.-Japan tariff deal can work as a starting point to further strengthen U.S.-Japan relations,” he said.He noted the U.S. policy of putting America first was unlikely to change, and that meant Japan, too, must make policy adjustments, such as making an aggressive push in artificial intelligence.Trump has also said that he reached a trade agreement with the Philippines following a meeting Tuesday at the White House, that will see the U.S. slightly drop its tariff rate for the Philippines without paying import taxes for what it sells there.On Tuesday, the S&P 500 added 0.1% to Monday’s all-time high. The Dow Jones Industrial Average rose 0.4%, while the Nasdaq slipped 0.4%.Also early Wednesday, U.S. benchmark crude oil lost 23 cents to $65.08 a barrel. Brent crude, the international standard fell 21 cents to $68.38 a barrel.The U.S. dollar fell to 146.38 Japanese yen from 146.64 yen. The euro cost $1.1736, down from $1.1754. —Yuri Kageyama, AP Business Writer