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From the opinion pages of the Wall Street Journal, this is Potomac Watch. The Trump administration announces

big trade deals with the European Union and Japan that include 15% baseline tariffs on U.S. imports

from those allies. As businesses and other countries scramble with more to come,

as President Trump's August 1 deadline for reciprocal tariffs nears.

Welcome, I'm Kyle Peterson with the Wall Street Journal.

We're joined today by my colleagues, columnist Alicia Finley, and Kim Strassel.

The White House is pulling out all the superlatives calling its agreement with Japan landmark, historic, unprecedented. The EU one is described as massive, quote, a fundamental rebalancing the economic relationship between the world's two largest economies. But Alicia, to my eye, the biggest bottom line here on both of these

deals is one number that is 15%. The U.S. is going to impose a 15% across the board tariff on

imported goods from the EU. That is up from something like 5% on average, less than that in January when President Trump took office.

Same number on Japan, 15% on imports there.

That is compared to what President Trump had threatened, which was 25%.

Alicia, you've looked at the overall terms of these deals.

What do you make of them? And what is the Trump

administration getting and what is it giving? Well, it doesn't seem like the Trump administration

is getting very much. But in terms of the deals, I think you're right that the 15% is the most

...