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Thank you. of 2025. We hope you enjoy. This is the Daily Blast from the New Republic, produced and presented by the DSR Network.

I'm your host, Greg Sargent.

You've probably heard that President Trump and the European Union have reached a big trade deal.

This is being widely portrayed as a win for Trump and a big

humiliation for the EU. But we think the claim that Trump won is just bizarre. First, the details of the

deal themselves cast some doubt on this idea. And second, it's not at all clear what we gain as a

country from this deal, particularly

in the long run. Surely the phrase Trump won has to mean more than Trump gets to claim a

victory and the media plays along, right? Well, maybe not, it turns out. Economist Paul Krugman

has a great new piece on his substack,

casting a lot of skepticism on the deal.

So he invited him on to walk us through all of it.

Paul, thanks for coming on.

Thanks for having me on.

So the basics of this deal are that the U.S. is imposing a 15% tariff on most imports

from Europe, with some exceptions.

There's some talk about the EU agreeing to buy $750 billion in American energy, spread out

over three years, and an increase of $600 billion in investment in the U.S.

Paul, to start with, can you walk us through the tariff piece of the deal?

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