U.S. President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal

As European Union leaders work through the consequences of their new trading arrangement with the US, they are confronting the bitter reality of just how far they have fallen.

It’s a race against time for some of America’s top trading partners who are negotiating furiously to reach agreements by Aug. 1.

Economists and observers have been quick to highlight discrepancies between the White House and the European Commission’s version of events.

Tariffs, including the 15% rate for most imports from the EU, would raise consumer prices by 1.8% in the short run, according to the Yale Budget Lab.

The European Union pledged to buy billions of dollars’ worth of energy resources from the United States. Experts say that’s unrealistic and could hurt Europe’s climate goals.

Bessent based his assumption that there’s a written and signed agreement on the trade deals reached with Indonesia and the Philippines. Notably, Indonesia contests some of Trump’s claims about its deal, and details about the Philippines deal remain scant beyond Trump’s Truth Social posts.

James Knightley, ING’s chief international economist, said the deal with the European Union is important. But he said there are still questions to be settled with some of America’s major trading

France and Germany have warned about the economic fallout from the 15 percent tariffs European goods face in the U.S.

Taiwan’s leader Lai Ching-te suffered a string of high-profile political setbacks over the past week, wounding his presidency at home and abroad. With a US tariff deadline looming, things could get worse.