(Reuters) -Shares in several European carmakers rose in early trade on Wednesday, tracking a steep rally in some of their Asian rivals, after Tokyo struck a trade deal with the United States, fuelling optimism for a similar agreement with Europe.
Shares in Japanese and South Korean automakers surged overnight on news the deal would cut the U.S. tariff on Japanese vehicle imports to 15%, from a proposed 25%.
Citi analysts said it was notable the tariffs for a major auto exporting country were reduced without a cap on shipments, which could have implications for negotiations with the European Union and South Korea.
Porsche, BMW, Mercedes Benz, Volkswagen rose between 1.9% and 3.7% in early Frankfurt trade. Shares in Stellantis and Renault rose 1.3-1.9% on the Tradegate platform.
(Reporting by Anna Pruchnicka, Amir Orusov; Editing by Amanda Cooper)
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