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

The European Union and the U.S. are heading for a potential trade deal that includes a 15% U.S. baseline tariff on EU goods and possible exemptions, two European diplomats said on Wednesday, potentially moving President Donald Trump closer to securing another major trade agreement hours after he unveiled one with Japan.

Here are three things investors are watching on Wednesday, July 23. US stock futures (ES=F, NQ=F, YM=F) are in the green after President Trump announced the US has reached a trade deal with Japan. This comes after the US struck agreements with the Philippines and Indonesia.