US stocks climbed on Wednesday after the US struck a trade deal with Japan, lifting hopes for further tariff pacts as Wall Street got ready for Tesla (TSLA) and Alphabet (GOOGL, GOOG) earnings. The Dow Jones Industrial Average (^DJI) rose roughly 0.

As the Aug. 1 deadline for tariff agreements approach, lawyers and political consultants caution that trade fights are likely ahead.

But more big tests loom with trade talks still continuing between the Trump administration and counterparts in China and the European Union.

Asian equities posted strong gains overnight, led by Japan, which rallied on news of its new trade agreement with the United States.

Japanese Prime Minister Shigeru Ishiba has vowed to remain in power to oversee the implementation of a new Japan-U.S. tariff agreement

As the EU digs in, President Trump announced two more deals and finalized a third, most notably a pact with Japan. “I just signed the largest deal in history with Japan," Trump

Treasury Secretary Scott Bessent stopped short of saying the European Union can win the same sort of trade deal as Japan cut with President Donald Trump, highlighting that Tokyo’s success came thanks to an innovative financing arrangement.

President Trump's new trade deal with Japan includes a 15% tariff on exports to the U.S., up from earlier rates. CBS News MoneyWatch correspondent Kelly O'Grady breaks down how this could impact major automakers.