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.

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.

Trump's "announce first, details later" approach to trade deals has caught some global leaders off guard and led to contradictions about the billions of dollars the administration says foreign nations have pledged.

President Trump's recent trade framework announcements have included sketchy initial details that can take days to fill in and sometimes are even contradicted by those on the other side of the table.

US President Donald Trump's approach to global trade policy is yielding results with international partners. Nations including the European Union, Japan and Vietnam are accepting elevated tariffs for access to American markets.

Japanese automakers breathed a sigh of relief after U.S. President Donald Trump finalized a trade agreement last week. However, the relief is tempered by intensifying competition, especially from China,

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 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.