The United States and the European Union avoided the worst-case scenario: a damaging, all-out trade war between allies that threatened to raise prices on a large number of goods and slow two of the world’s largest economies. The framework delivered a sense of relief for both sides – but few are cheering the arrangement itself. The agreement, which sets a 15% tariff on most European goods entering the United States, is higher than the 10% tariff Trump put in place on April 2 and significantly higher than the average of around 2% from before Trump’s presidency. But it’s significantly less than the enormous numbers ... (full story)