Trade deals with Europe, Japan with higher tariff rates are touted as best ever but will actually result in bigger hit to American pocketbooks.

The pacts with Japan and the EU will suppress consumption and amp up savings in the U.S.

TURNBERRY, Scotland, July 27 (Reuters) - The U.S. struck a framework trade agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods - half the threatened rate - and averting a bigger trade war between the two allies that account for almost a third of global trade.