What to Make of the U.S.-EU Deal That Averted Trade War

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• 00:03

  The U.S.-EU trade deal averts a potential trade war as President Trump seems set on tariffs.

• 00:09

  It goes to show that Trump has zero intention on removing these tariffs entirely,

• 00:15

  that they're going to be part of his negotiating strategy,

• 00:17

  and it's a real clear signal for other countries coming to the table they're not going to do away with these tariffs one way or another.

• 00:24

  The deal marks a victory for Trump but faces pushback in Europe.

• 00:28

  and why companies are touting workforce reductions to Wall Street.

• 00:33

  It's Monday, July 28th.

• 00:34

  I'm Sabrina Siddiqi for The Wall Street Journal, covering for Alex Osola.

• 00:38

  This is the PM edition of What's News,

• 00:40

  the top headlines and business stories that move the world today.

• 00:48

  Business leaders on both sides of the Atlantic breathe a sigh of relief that the US and European Union have averted a bruising trade war with their agreement on tariffs and investment.

• 00:59

  Now attention is shifting to assessing the deal's winners and losers.

• 01:02

  The deal would impose a 15% baseline tariff on most European goods,

• 01:07

  while the EU has also agreed to buy hundreds of billions of dollars of U.S. energy products and invest in the U.S.

• 01:14

  Brian Schwartz, The Wall Street Journal's White House economic policy reporter joins me to discuss.

• 01:18

  Brian, this is the most consequential agreement Trump has announced thus far.

• 01:22

  How did we arrive at this deal?

• 01:23

  Well, this was weeks in the making.

• 01:25

  There was a letter that was sent out by President Trump recently,

• 01:29

  basically saying that the EU was set to pay a 30% tariff.

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