The euro fell against the U.S. dollar amid European pushback over the pact. The Nasdaq Composite and S&P 500 inched up to fresh records.

Both sides hailed the agreement as the biggest ever. But it will come at a cost to the European Union, and many details have yet to be nailed down.

But the worst-case scenarios were so bad that Europe’s trade negotiators gave up on returning to anything close to those halcyon days. Over the past few months Mr Trump, convinced that the EU was ripping off his countrymen,