President Donald Trump shakes hands with European Commission President Ursula von der Leyen, as US Commerce Secretary Howard Lutnick, US Trade Representative Jamieson Greer and White House Deputy Chief of Staff Stephen Miller clap after an announcement of a trade deal between the US and EU in Turnberry, Scotland, on July 27.

The Trump administration touts tariffs as part of a wider set of "America First economic policies," which have "sparked trillions of dollars in new investment in U.S. manufacturing, technology, and infrastructure," according to the White House's website.

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 economy was supposed to crumble. The trade war was expected to escalate out of control. Markets were forecast to plunge. None of that has happened. But Trump’s early trade victory may be short-lived.

The nation’s trade deficit in goods sank 11% in June to a 22-month low as U.S. companies grappled with on-again, off-again Trump tariffs, a pattern that’s likely to play out at over least a few more months.

July 30 (Reuters) - India's equity benchmarks were flat in early trade on Wednesday as gains in Larsen & Toubro following upbeat earnings were offset by investor caution ahead of the U.S. Federal Reserve's policy decision and a looming U.S. tariff deadline.

The Orioles continued their deadline fire sale Tuesday by trading reliever Seranthony Domínguez to the Blue Jays for a pitching prospect.