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.

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%.

Japan and the United States have agreed to set Japanese auto tariffs at 15%, five sources told Reuters. The countries have agreed to reduce additional tariffs on Japanese automobiles to 12.5% from an earlier planned 25%, bringing the total to 15%, including the original 2.5% rate, the sources said.

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.

Wall Street is hanging near its records following some mixed profit reports, as General Motors and other big U.S. companies give updates on how much President Donald Trump’s tariffs are hurting or helping them.

Japan’s ruling coalition is on track to lose its majority in the upper house, according to exit polls from Sunday’s election cited by Reuters. The development could spell heightened political instability just as the country nears a critical trade deadline with the United States.

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