President Donald Trump prides himself on his dealmaking skills, and with the agreement he reached Sunday on European trade, he’s got a right to be proud.
The deal calls for at least $1.35 trillion in European investments and purchases of US energy and military equipment.
And while European tariffs on many US exports will drop to zero, European goods will face 15% duties.
Plus, neither side will slap any duties at all on “a number of strategic products,” including aircraft and aircraft parts, certain chemicals, semiconductor equipment, critical raw materials and more.
This is a great deal for both sides, and avoids a trade war that would’ve involved 44% of the world’s economy.
“I think it’s the biggest deal ever made,” boasted Trump — and it certainly was big: The European Union, which includes 27 countries, is America’s largest trading partner, with total trade of nearly $2 trillion last year.
And make no mistake: These were no easy negotiations; Trump reached terms with European Commission President Ursula von der Leyen after talks in Scotland she described as “very difficult.”
On Friday, Trump put the chances of agreement at 50-50.
But Von der Leyen praised the prez as a tough dealmaker; Trump said he thought both sides “wanted to make a deal,” and that it would “bring us very close together.”
Hmm: Just a few months ago, his critics blasted his tariff program — predicting practically every disaster but the full collapse of the worldwide economy.
Yet Trump has now secured key trade deals with Japan, the United Kingdom, Indonesia, Vietnam, the Philippines, China (at least partially) — and now the EU.
That’s going to bring much stability to the markets and relief for businesses trying to plan ahead.
Sure, there’s more work to be done: Trump’s “Liberation Day” tariffs kick in Friday for nations that lack a deal.
But his accomplishment in rebalancing international trade to America’s benefit are already enormously impressive.
Even his critics ought to give him some hearty props here.