Big Takeaways From the US-EU Deal

President Trump struck a trade deal with the European Union over the weekend, and a BBC analysis suggests both sides can plausibly claim a victory. But the primary takeaway from coverage is that the deal at the very least avoids what could have been a long and bruising trade war:

• "Business leaders on both sides of the Atlantic breathed a sigh of relief" on that front, writes Kim Mackrael in the Wall Street Journal. "European industry officials and politicians said the deal leaves the EU in worse shape than before Trump's return to office but is likely a best-case scenario for European companies because it avoids a bigger fight and will give them more certainty over the coming years."

• A New York Times analysis has a similar vibe: "Survive and advance," a phrase borrowed from the sports world, can sum up the European approach, writes Jim Tankersley. The deal "almost certainly won't help the continental economy—but isn't as bad as it could have been."
• In the broad strokes, both sides agreed to a 15% tariff on most goods, per the AP. But many of the details remained unclear. The best guess is that autos would face the new tariffs, but aircraft, semiconductor equipment, and some agricultural products would be exempt. The answers should arrive soon when both sides release the text.
• Markets in the US and elsewhere rose in the wake of the deal. The BBC notes that with Trump "in a deal-making mood, there could be more positive news for the global economy over the next 48 hours." The US is currently talking with China, and deals with Canada and Mexico could follow. Trump struck a deal with Japan last week.