By Philip Blenkinsop and Trevor Hunnicutt BRUSSELS/WASHINGTON (Reuters) -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,

President Donald Trump says the US has agreed to a "massive" trade deal with Japan, one of the country's largest trading partners. Japan has agreed to invest $550bn (£407bn) in the US while its goods sold to America would be taxed at 15% when they reach the country - below the 25% tariff Trump had threatened.

U.S. stocks are ticking toward another record following a trade deal between the world’s No. 1 and No. 4 economies. The S&P 500 rose 0.4% Wednesday, coming off its latest all-time high. The Dow Jones Industrial Average added 232 points,