President Donald Trump announced a long-awaited trade agreement with Japan on Tuesday night, a framework between allies and major trading partners that appeared elusive just weeks ago.

Trump says the US has agreed to a "massive" trade deal with Japan, one of the country's largest trading partners. Separately, he also announced that the US would levy a 19% tax on imports from the Philippines and Manila would remove duties on US goods - an agreement that is yet to be confirmed by the Philippines.

The European Union and the U.S. are moving toward a trade deal that could include a 15% U.S. baseline tariff on EU goods and possible exemptions, two European diplomats said on Wednesday, potentially moving President Donald Trump closer to another major trade agreement on the heels of the one he just unveiled with Japan.