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

Global stocks rose and the euro firmed on Monday after a trade agreement 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 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

White House Press Secretary Karoline Leavitt said, "Japan will now pay a 15% tariff versus the reciprocal rate of 24% that they initially had."