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 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.

The United States and the European Union agreed on Sunday to a trade framework setting a 15% tariff on most goods, staving off — at least for now — far higher imports on both sides that might have sent shock waves through economies around the globe.

Global stocks rose and the euro appreciated on Monday after a tradeagreement between the United States and the EU lifted sentiment and provided some clarity in a week of key policy meetings by the Federal Reserve and the Bank of Japan.

The United States and the European Union reached a tariff deal Sunday after a brief meeting between President Donald Trump and European Commission chief Ursula von der Leyen.