President Trump's August 1 deadline for tariff deals has passed with a flurry of agreements as countries rush to avoid punitive levies.

The European Union and Japan agreed to 15 per cent tariffs. India has accepted a 25 per cent tariff. Tariffs on Australia will remain at the baseline of 10 per cent.

So has the self-styled 'tariff man' delivered on his promise to up-end the terms of global trade?