It will bring clarity for European makers of cars, planes and chemicals. But the EU had initially hoped for a zero-for-zero tariff deal. And the 15% baseline tariff, while an improvement on the threatened rate of 30%, compares to an average U.S. import tariff rate of around 2.5% last year before Trump's return to the White House.

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

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