The new trade agreement between the U.S. and the European Union will lift tariffs on imports of goods from EU countries to their highest level in decades and hurt the trading bloc's economic growth, according to some experts.

President Donald Trump announced a trade agreement with Japan on Tuesday, making it the largest U.S. trade partner to broker an accord as the White House threatens to impose tariffs on dozens of countries within days.

President Donald Trump announced new trade agreements with Japan, the Philippines and Indonesia this week as the Trump-imposed August 1 tariff deadline approaches. The U.S.–Japan agreement reduces planned tariffs on Japanese exports from 25% to 15% in exchange for a $550 billion Japanese investment in U.

That's down from the 25% levies he proposed earlier this month. Japan's prime minister says duties on autos from his nation will be cut to 15% from 25%.

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."

Japan is playing down the risks from its deal after the White House said the U.S. would direct $550 billion in investments by Japan and keep 90% of the profit.

Trump's trade deals with the EU and Japan pave the way for the stock market to end with it's third straight annual gain of more than 20%, Oppenheimer said.

President Donald Trump met with European Commission President Ursula von der Leyen during his trip to Scotland.