The United States and the European Union agreed on Sunday to a trade framework setting a 15% tariff on most goods, staving off — at least for now — far higher import duties on both sides that might have sent shock waves through economies around the globe. As with other, recent tariff agreements that Trump announced with countries including Japan and the United Kingdom, some major details remain pending in this one. Trump’s August 1 tariff deadline is around the corner and Associated Press reporter Josh Boak says while Trump has made deals with the likes of the EU, Philippines, Indonesia and Japan, other countries do not yet have deals. “We don't know how this is going to play, and we don't necessarily know how permanent any of this could be. President Trump first rolled out his Liberation Day tariffs on April 2nd, only to have to walk them back after the market panicked,” Boak said. But the Trump administration is saying that tariff revenues are going to help the U.S. “What we do know is that the Trump administration is saying the tariff revenues are going to help to reduce the U.S. federal budget deficit and they're betting that the inflationary challenges won't be worse because of the tariffs,” Boak said.