Meeting with the European Union president in Scotland, Donald Trump announced he had completed another "trade deal". He said the European Union had agreed to a 15% tariff on all goods shipped from there to the United States.
The EU didn't have much choice in the matter. They either agreed to the 15% tariff or get a 30% tariff starting on August 1st. The EU president chose the lesser of two evils.
The "deal" is not yet final. It still must be approved by all of the countries in the European Union, but the 15% tariff will be effective on August 1st anyway.
Trump celebrated the agreement as a big win for the United States. It isn't. We must not forget who will pay this new 15% tax. It won't be the countries of the European Union. It will be American consumers who buy goods from the EU.
This "deal" just means inflation in the United States will continue to rise substantially.
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