For Juncker, the deal met his principal objective—satisfying the demand of his principal paymaster, German chancellor Angela Merkel, that he persuade the American leader who has bullied and insulted her not to fire his biggest gun, aimed directly at her economy—the imposition of stiff tariffs (perhaps of 25 percent) on Germany’s auto sector, which employs over 800,000 workers, and earned €423bn last year, a substantial portion from the sale of 494,000 cars exported to America and brought in virtually duty-free. Those tariffs will not be imposed if the ongoing negotiations prove successful in converting the truce into a permanent peace.

For Trump, the victory was greater than even he imagined it might be. He has been arguing that tariffs are merely a tactic in the trade war, his way of persuading the trading partners who have been taking unfair advantage of America to come to the bargaining table. Which the E.U. has done, proving that Trump is not a mad protectionist, but, at least for now, a champion of freer, fairer trade that will benefit American workers, farmers, and businesses. In return for agreeing to attempt to resolve all steel and aluminum tariff issues, and related retaliations, here’s what Trump got…