U.S. President Donald Trump’s trade deal with Japan has sparked fresh optimism that the global economy will manage to avoid getting hit with extremely elevated tariffs, even as many U.S. trading partners still don’t have agreements.

U.S. President Donald Trump on Friday said there was a 50-50 chance or perhaps less that the United States would reach a trade agreement with the European Union, saying Brussels wanted to "make a deal very badly".

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.