President Donald Trump’s flurry of trade deal announcements are so far proving light on detail — with key aspects still under negotiation, partners giving mixed signals about what they signed up for,

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.

"We're in much better shape because it's now clear that if there's gonna be a real trade war with anyone, it would just be with China," Secretary Ross tells Fortune.

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.

Trump’s so-called reciprocal tariffs are scheduled to go into effect on August 1 after a 90-day delay—just as American families begin back-to-school shopping—and could hike up the cost of consumer goods imported from other countries.

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

It seems barely a lifetime ago (actually April 9) when Donald Trump suspended for a notional 90 days until August 1 the wrongly named “reciprocal tariffs” he had imposed a week earlier. That merry day was dubbed “liberation day”: certainly it helped liberate US trade policy from reality.

The United States and China appear to be moving toward extending a 90-day trade truce between the two countries, but President Trump must sign off.