And Americans see right through the fake news' bullshit.
The deal “will bring stability. It will bring predictability”, said EU President Ursula von der Leyen at Donald Trump’s Turnberry golf resort in Scotland on Sunday. “Stability” and “predictability” are not words the EU typically employs when discussing anything connected with the US president. But when you lead an economic bloc that has just been comprehensively outmanoeuvred in a trade dispute, forced into a deal that even your own side says favours the US, you could be forgiven for acting out of character.
The basic rate of 15 per cent that will now be charged on most European goods entering the US was perhaps not coincidentally the same rate that Trump had extracted from Japan in a similar deal last week. It is the same rate that could, pending an announced review, become a new general norm in US foreign trade relations. It is also substantially higher than the less than 2 per cent effective rate that the US charged the EU before Trump returned to office.
It was “the best we could get”, von der Leyen said almost apologetically in a news conference after the deal was announced. Indeed, a hard US-imposed deadline to conclude negotiations loomed on August 1, only four days after the agreement was reached. Without the deal, US tariffs on EU imports, which form about 20 per cent of the US’s total foreign purchases, would have shot up to 30 per cent across the board, with high levies on automobiles, pharmaceuticals, and other key industries in which the EU has a competitive advantage left painfully in place.
In other words, Trump appears to be winning his trade war. US markets were flat on Monday, largely in anticipation of corporate earnings reports, and have risen strongly in the year to date. Wiser commentators have also come to the realisation that Trump’s tariff strategy is not the economic disaster that so many of them had predicted – noting robust aggregate data and little sign that households are under pressure. The IMF’s latest forecasts indicate that the US will continue to significantly outperform its developed world rivals. The president has secured commitments for considerable new investment in the US from a range of trading partners, alongside a more level playing field for American exporters.
America’s discredited legacy media, however, refuses to admit it.
Trump is winning his trade war. Only the Left-wing media refuses to admit it
The deal “will bring stability. It will bring predictability”, said EU President Ursula von der Leyen at Donald Trump’s Turnberry golf resort in Scotland on Sunday. “Stability” and “predictability” are not words the EU typically employs when discussing anything connected with the US president. But when you lead an economic bloc that has just been comprehensively outmanoeuvred in a trade dispute, forced into a deal that even your own side says favours the US, you could be forgiven for acting out of character.
The basic rate of 15 per cent that will now be charged on most European goods entering the US was perhaps not coincidentally the same rate that Trump had extracted from Japan in a similar deal last week. It is the same rate that could, pending an announced review, become a new general norm in US foreign trade relations. It is also substantially higher than the less than 2 per cent effective rate that the US charged the EU before Trump returned to office.
It was “the best we could get”, von der Leyen said almost apologetically in a news conference after the deal was announced. Indeed, a hard US-imposed deadline to conclude negotiations loomed on August 1, only four days after the agreement was reached. Without the deal, US tariffs on EU imports, which form about 20 per cent of the US’s total foreign purchases, would have shot up to 30 per cent across the board, with high levies on automobiles, pharmaceuticals, and other key industries in which the EU has a competitive advantage left painfully in place.
In other words, Trump appears to be winning his trade war. US markets were flat on Monday, largely in anticipation of corporate earnings reports, and have risen strongly in the year to date. Wiser commentators have also come to the realisation that Trump’s tariff strategy is not the economic disaster that so many of them had predicted – noting robust aggregate data and little sign that households are under pressure. The IMF’s latest forecasts indicate that the US will continue to significantly outperform its developed world rivals. The president has secured commitments for considerable new investment in the US from a range of trading partners, alongside a more level playing field for American exporters.
America’s discredited legacy media, however, refuses to admit it.
