After initial market panic and consternation over President Donald Trump’s ‘Independence Day’ tariffs, revenues brought in by the tariffs and various key trade deals may be reversing Trump’s fortunes.

In the midst of a historic trade deal that could be struck between the United States and Europe as early as this week, the United States Treasury reported record-high tariff revenue in the month of July of nearly $28 billion. The revenue narrowly exceeded last month’s $27 billion haul, which was previously the highest on record this year.

The tentative trade deal between the European Union and the United States would reportedly allow the United States to impose 15% tariffs while the European Union opens itself up to duty free imports from the United States. It would also come with a pledge of $750 billion a investment into United States energy projects. (RELATED: Budget to Bring Major Tax Relief to Middle Class Wisconsinites)

The blockbuster trade deal with the European Union and news about increased tariff revenue followed trade deals between China and Japan. The trade deal with Japan, which was announced last week, will result in $550 billion in investment into the United States, who will receive 90% of the profits, according to President Trump.

The slew of positive news about the Trump administration’s tariffs is a drastic reversal of fortunes after the tariffs initially caused panic in the markets, as the S&P 500 plunged 10% in just two days after Trump announced them.

With trade deals nearing or already struck for some of the world’s largest economies including China and the European Union, the Trump administration still has ongoing trade negotiations with countries such as India, who Trump recently threatened with a 25% tariff. (RELATED: Border Officials Seize Weapons and Narcotics in Northern U.S. Crackdown)