For all the \u201csky-is-falling\u201d cries over President Donald Trump\u2019s tariffs, it looks like his strategy may be working \u2014 just as his Aug. 1 deadline nears.<\/p>\n
In the past week, the Trump folks struck deals with Japan, Indonesia and the Philippines \u2014 and may be on the verge of a deal with Europe: On Friday, the prez cited a 50-50 chance of reaching an agreement with the European Union.<\/p>\n
These developments \u2014 on top of previous deals with Vietnam, the United Kingdom and a framework on rare-earth exports and tech restrictions with China \u2014 go a long way toward standing up Trump\u2019s vision for the international economy, with better terms for America.<\/p>\n
And at least so far, no catastrophic fallout. Heck, the nation looks poised to benefit enormously on several fronts.<\/p>\n
Trump\u2019s deals in Asia, for starters, reopen US access to cheap markets, sidestepping China, our greatest economic and military rival.<\/p>\n
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Indonesia<\/a>\u00a0and the\u00a0Philippines<\/a> will pay 19% tariffs on their exports to the United States and levy 0% tariffs on more than 99% of US goods.<\/p>\n Japan<\/a> will see 15% tariffs and invest more than half a trillion dollars into the US economy.<\/p>\n Washington will also slap fewer restrictions on Indonesian, Filipino and Japanese goods, everything from cars and clothes to electronics and rubber.<\/p>\n And now EU officials are signaling their support for a deal that would mirror the one Trump made with Japan \u2014 reciprocal tariffs of 15%.<\/p>\n Notably, the EU includes 27 countries in a shared common market, representing the largest singular trading bloc for the United States.<\/p>\n The EU deal would clearly benefit US consumers looking to buy, say, French wines or German cars, and also US producers seeking wider access to the European markets.<\/p>\n \t\t\t\t\t\t\tKeep up with today\u2019s most important news\t\t\t\t\t\t<\/p>\n \n\t\t\t\t\t\t\tStay up on the very latest with Evening Update.\t\t\t\t\t\t<\/p>\n \t\t\t\t\t\tThanks for signing up!\n\t\t\t\t<\/p>\n Meanwhile, the resolution of trade issues with so many countries will calm markets and bring confidence and stability to the business community.<\/p>\n As for the predicted inflation, it\u2019s nowhere to be seen: June\u2019s consumer price index came in at a reasonable 2.7%. Recall it hit 9% under Joe Biden.<\/p>\n That\u2019s partially because corporations, unsure of whether high tariffs will remain permanent and nervous about hiking prices, have absorbed most of the tariffs\u2019 costs, at least for now.<\/p>\n More good news: The tariffs brought in $64 billion in revenue for the government in just the first three months since Trump\u2019s April 2 \u201cLiberation Day\u201d announcement.<\/p>\n