The tariff deals are sort of a way station, more fragile and with less legitimacy than the system they have supplanted.

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.

The rate will apply in addition to individual “reciprocal” tariffs targeting countries with which the US runs a trade deficit.

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,

President Donald Trump unveiled a trade agreement with the European Union on Sunday, making it the latest in a series of accords as the White House threatens to slap tariffs on dozens of countries this week.

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 biggest piece in the trade deal puzzle still remains, and the Chinese are unlikely to be as willing to fold."