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? What does it amount to

and what does it mean? Well, it means that anybody bringing European goods into the United

States is going to pay a tax equal to 15% of the value. And that in itself doesn't tell you who

pays it, but there's overwhelming evidence that the great bulk of that is going to end up being paid

by U.S. consumers.

Certainly none of it is being paid by the Europeans.

One of the, the way to look at is to say, has Europe reduced the prices of stuff

that sells to the United States?

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