James Knightley, ING’s chief international economist, said the deal with the European Union is important. But he said there are still questions to be settled with some of America’s major trading

The European Union and its 27 member nation bloc became the latest of the United States' top trading partners to come to an agreement with Trump over the weekend, joining the Philippines, Japan and Indonesia in announcing deals during July.

Japanese automakers breathed a sigh of relief after U.S. President Donald Trump finalized a trade agreement last week. However, the relief is tempered by intensifying competition, especially from China,

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.

The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

The U.S. and European Union agreed on trade terms that include a 15% rate on most EU products as well as hundreds of billions of dollars of investments in American industry. President Donald Trump and European Commission President Ursula von der Leyen met in Scotland on Sunday to iron out the agreement.

The euro rose on Monday following a framework trade deal reached over the weekend between the United States and the European Union.