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.

Markets have cheered President Trump’s trade deals with Japan and the European Union. New 15% tariffs on most imported products from those countries are lower than many analysts expected, and they finally bring some predictability to Trump’s chaotic on-and-off-and-on-again tariff policy.

The U.S. now has trade deals in place with the European Union, Japan, the U.K., Vietnam, the Philippines and Indonesia.