Under the US-Japan deal, which US President Donald Trump referred to as “the biggest deal ever made”, the Americans have agreed to impose 15 per cent reciprocal tariffs, compared to the 25 per cent the US had threatened earlier last week.

Shares of Japanese and South Korean automakers surged on Wednesday after U.S. President Donald Trump announced a trade deal with Tokyo that sources said would include reducing a tariff on Japanese auto imports to 15%,