Europe is doing better than feared

European Commission president Ursula von der Leyen’s unequal trade deal with the US has been widely branded a “humiliating defeat”, says Hakyung Kim in the Financial Times. Yet stock investors are untroubled, with the pan-European Stoxx 600 index more or less flat over the past month. The deal does throw up risks for the continent’s defence rally, but grand promises to buy more US-made equipment are “vague and probably unenforceable”. Meanwhile, European cars are exempt from the 25% “strategic” ...