Name: Trump and the EU Dodge a Trade War
Uploaded: 2025-07-28T21:41:00Z
Duration: 4 min 46 s
Description: The President gets his beloved 15% tariff, but talking points on energy, investment and weapons, aren’t as they seem. And no deal on digital taxes, over-regulated U.S. tech firms or pharmaceuticals.

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The President gets his beloved 15% tariff, but talking points on energy, investment and weapons, aren’t as they seem. And no deal on digital taxes, over-regulated U.S. tech firms or pharmaceuticals. Photo: Evelyn Hockstein/Reuters

https://m.wsj.net/video/20250728/6db89e40-d3b0-42c7-afbc-6be7ff28a437/1/hls/manifest-hd-wifi.m3u8

The President gets his beloved 15% tariff, but talking points on energy, investment and weapons, aren’t as they seem. And no deal on digital taxes, over-regulated U.S. tech firms or pharmaceuticals.

Trump and the EU Dodge a Trade War

I'm going to let you say it, but I think it's the biggest deal ever made. Thank you very much. Congratulations.

Thank you very much.

The U.S. and Europe have a step back from the brink of a trade war with a deal that avoids a tit-for-tat escalation that would likely do larger damage to both economies.

It was indeed very tough, but we came to good conclusions for both sides. So again, congratulations and many thanks.

Thank you very much.

Thank you.

On appearance, you'd think that this was a major deal. On closer inspection, it's actually more of a relief. After all, Mr. Trump had threatened a 30% tariff on European Union goods, and Europe was ready to retaliate with a strike on U.S. aircraft, cars, poultry, and steel, among other things.

This is a deal between the two largest economies in the world. We trade €1.7 trillion per year. Together, we are a market of 800 million people, and we are nearly 44% of global GDP.

So how does the framework, as they refer to it, break down? The U.S. will now impose a 15% across the board tariff on European imports.

It's overall across the board. Important was for us, it includes not only the cars, so go down with the tariffs for cars to 15%, but also all goods, and semiconductor and farmer.

As to the 50% board attacks on steel and aluminum exports.

Steel is staying the way it is. The steel and aluminum, etcetera, etcetera.

Mr. Trump is focusing on the EU's commitment to buy some $750 billion in the U.S. energy, invest $600 billion in America, and buy U.S. weapons. But much of this would've happened anyway.

$750 billion worth of energy.

On the energy point, European countries have been signing long-term contracts with U.S. liquified natural gas producers as they wean themselves off Russian energy.

And $600 billion worth of investments into the United States over and above what they have.

On investment, Europe is already the largest investor in the U.S. Direct investment from Europe increased by roughly $200 billion from 2023 to 2024, three times that over an undefined period. And that's the key, it's undefined, is hardly some great coup.

They're going to be purchasing hundreds of billions of dollars worth of military equipment.

European defense spending is also set to increase, although Mr. Trump didn't specify a figure, but we already know that European countries within NATO have committed to increasing defense spending to 5%.

Journalist: What are the U.S. concessions? What is the U.S. giving up with the deal, if anything?

So as the starting point was an imbalance, a surplus on our side and a deficit on the U.S. side, and we wanted to rebalance the trade relation. I think we hit exactly the point we wanted to find rebalance, but enable trade on both sides, which means good jobs on both sides of the Atlantic, means prosperity on both sides of the Atlantic, and that was important for us.

What the deal doesn't appear to address are some of America's biggest commercial grievances with Europe. Nothing on digital taxes, nothing on the punitive regulation against U.S. tech firms, or the GMO restrictions and bans on hormone-treated U.S. beef. It also doesn't require Europeans to pay more for drugs, one of Mr. Trump's longstanding complaints.

No, not pharmaceuticals. I mean, we're going to be, as you know, a lot of companies are coming into the U.S. and that's unrelated to this deal.

We have 15% for pharmaceuticals. How to deal with pharmaceuticals in general, globally, that's on a different sheet of paper.

Mr. Trump seems to have abandoned these goals in favor of his tariff, which, let's not forget, is a tax increase on American consumers and businesses, including the pharmaceutical imports and ingredients.

They're agreeing to open up their countries to trade at zero tariff.

Mr. Trump's supporters suggest that because there hasn't been a recession or a global tariff spiral, Mr. Trump's trade policy is a resounding success. But it's Mr. Trump who's retreating from his North American and reciprocal trade assaults, and the damage in lost trust in the U.S. and new economic costs are both real. But there is a silver lining for Europe.

We should not forget where we would've been on the 1st of August. We would've been at 30%.

WSJ Opinion: Trump and the EU Dodge a Trade War

Videos that speak for free markets and free people, the principles, if you will, marked in the watershed year of 1776 by Thomas Jefferson's Declaration of Independence and Adam Smith's "Wealth of Nations."  

WSJ Opinion: Trump and the EU Dodge a Trade War

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