15% tariffs: “Trump won a political victory but not an economic one”
Collected by Alban de Montigny
Published on
Donald Trump speaks to the media before departing the White House for Scotland on July 25, 2025, where he agreed on a tariff deal with Ursula von der Leyen. WILL OLIVER/POOL / EPA/MAXPPP
Gilles Moëc, chief economist at the Axa Group, discusses the trade agreement concluded this Sunday, July 27, between the European Union and the United States. While the cost is considerable for the eurozone, the American economy is also expected to suffer.
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