Love or hate his strategy, President Trump is getting exactly what he wants from his tariff push.
On Sunday during his trip to Scotland, President Trump locked down a trade deal with the European Union which the haters told us couldn't be done.
I think this headline from CNBC really says it all:
And this:
If Europe is balking that means the tariffs did their job and that Trump got exactly what he wanted from the trade deal, forcing the EU to give up some of their leverage.
European Commission President Ursula von der Leyen said Sunday alongside Trump that the pact 'will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic.'
...
'Fifteen percent is not to be underestimated but it is the best we could get,' she added of the still high rate of duties that exports from the 27 European countries will face. 'Fifteen percent is certainly a challenge for some, but we should not forget it keeps access to the American market.'
America didn't give up anything in the trade deal, either.
Here are the details courtesy of Newsweek:
He said that the EU has agreed to purchase $750-billion-worth of U.S. energy products, including oil, gas, nuclear fuel and semiconductors. In a press release, von der Leyen said that this will "diversify our sources of supply and contribute to Europe's energy security."
In addition, the deal calls for a $600-billion investment in the U.S. by the EU, which comprises purchases of American military equipment.
In exchange, the U.S. will lower the import tax on the vast majority of European products to 15 percent, half the rate that was set to go into effect on August 1, and far below the 50-percent rate Trump briefly threatened in May.
This could be a major win for America if Trump's long game plays out.
Let's hope the Art of the Deal pays off for America!
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