T he U.S. and Japan have reached a trade agreement under which the longtime U.S. will face a 15% tariff—down from a previously threatened 25%—President Donald Trump announced on Tuesday, as Japan’s Prime Minister hailed the move as a “new golden era” in the relationship between the two countries.

U.S. stocks are rising toward another record following a trade deal between the world’s No. 1 and No. 4 economies, one that would lower proposed tariffs on Japanese imports to the United States.