TOKYO (AP) — Prime Minister Shigeru Ishiba on Wednesday vowed to remain in power to oversee the implementation of a new Japan-U.S. tariff agreement, despite media speculation and growing calls for him to resign after a historic defeat of his governing party.

Trump said the U.S. will impose a 15% tariff on Japanese imports under the agreement, which he hailed as "maybe the largest deal in history."

Stock futures are higher Wednesday as investors welcome news that the U.S. reached a trade agreement with Japan and prepare for the release of quarterly results from major technology companies.

Leaders of the European Union and Japan have launched an alliance aimed at boosting economic cooperation, defending free trade and countering unfair trade practices as the two sides face growing challenges from the United States and China.

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.