The deal, announced Sunday by President Trump and European Commission President Ursula von der Leyen, imposes a 15% U.S. tariff on most EU imports, while American goods exported to the union's 27 member countries will face no tariffs. Previously, U.S. exports to the EU faced an average tariff of roughly 1%, according to Goldman Sachs analysts.

The White House is claiming that, first, that the EU will invest $600 billion directly in the U.S. during Trump’s term (three times the rate it has invested in the past). This is, if not delusional, at least fantastical.