TACO or tariffs? An August 1 deadline looms after the European Union became the latest of the top US trading partners to reach a deal with Trump.

The rate will apply in addition to individual “reciprocal” tariffs targeting countries with which the US runs a trade deficit.

That statement came some 12 hours after Trump announced an agreement Sunday with the European Union that would see a 15% tax paid on products brought into the United States from the bloc. The E.U. also agreed to spend $750 billion on energy purchases from the U.S., while investing an additional $600 billion here.

President Trump's trade strategy, marked by elevated tariffs, is yielding agreements with nations like the EU, Japan, and Vietnam. The EU accepted 15% US tariffs and committed to significant purchases and investments.

U.S. President Donald Trump's successive announcements of deals setting baseline tariffs on the European Union and Japan are prompting questions about whether they're a road map for Canada to follow in trade talks.

Who pays for these tariffs? Most economists reckon that ordinary Americans will lose out, as prices in shops rise. Mr Trump and his coterie, by contrast, blithely insist that the rest of the world will shoulder the load by cutting their selling prices. So far, the evidence is giving the know-nothings a glimmer of hope.

FOX Business' Charles Payne joins 'Fox & Friends' to break down President Donald Trump's latest trade deals with Japan, Indonesia and the Philippines.

On his own terms, it could now be said that the aggressive approach by the US President is yielding tangible results.