Japan's trade agreement with the U.S. could serve as the benchmark for many other deals currently being negotiated with Washington, and the global economy could just about support the 15% level agreed overnight,

Japan will invest $550 billion in the U.S. and allow the U.S. to tax Japanese goods sold in America at 15 percent.

Japan will invest $550 billion into the U.S., and goods from the country will be subject to a 15% tariff, President Trump said. Japan has not commented on the reported deal.