04:09 PM EDT, 07/23/2025 (MT Newswires) -- US benchmark equity indexes ended higher on Wednesday after President Donald Trump announced a trade agreement with Japan that included a lower-than-expected import tariff.

* The US and Japan reached a trade deal on Tuesday that sets a 15% tariff on Japanese imports, lower than the 25% previously proposed, with Japan agreeing to increase imports of American goods like rice and cars. Economist Paul Krugman wrote in a Substack post that the agreement includes a pledge from Japan to invest $550 billion in the US, possibly through a sovereign wealth fund overseen in part by Trump.

* Separately, the Financial Times and Bloomberg reported that the US is close to finalizing a similar 15% tariff deal with the European Union, citing sources familiar with the negotiations.

* September West Texas Intermediate crude oil rose $0.19 to settle at $65.50 per barrel, while September Brent crude, the global benchmark, was last seen up $0.14 to $68.73.

* Lamb Weston ( LW ) shares were up nearly 16% after the company posted better-than-expected fiscal Q4 results and introduced a new cost-cutting plan aimed at supporting profit.

* Fiserv ( FI ) shares dropped nearly 14% after the company agreed to acquire part of Toronto-Dominion Bank's (TD) merchant processing operations in Canada for an undisclosed price.