President Trump announced deals with Japan, Philippines and Indonesia, but many other countries have yet to clinch agreements.

Businesses making everything from chips to steel reported downbeat results on Wednesday, with U.S. President Donald Trump's trade war inflicting damage even as Japan's deal lifted stocks and hopes that Europe can clinch a similar agreement.

While recession odds have been dialed back in recent weeks, economists surveyed by The Wall Street Journal still see 33% odds of one coming within a year, compared with 22% at the start of 2025. Meanwhile, earnings estimates for the S&P 500 compiled by research group FactSet are 3% lower since then, the Journal said.

Investors will be hoping for a late flurry of more trade deals ahead of the Aug. 1 deadline for higher tariff rates to come into effect.

Trade pact would lower tariffs on car imports from Japan to 15% from 25%, spurring hope that other countries could get similar deals

Japan's trade agreement with the U.S. could serve as the benchmark for many other deals currently being negotiated with Washington, and the global economy could just about support the 15% level agreed overnight,