Not a deal at all.….yet.

https://www.bloomberg.com/news/articles/2025-07-28/eu-and-us-rush-to-nail-down-final-details-and-lock-in-trade-deal

Bloomberg , key bits:

^{The EU and US will seek to clinch a non-legally binding joint statement by Aug. 1 that will expand on some of the elements negotiated over the weekend, according to a senior EU official. Once the statement is finalized, the US will begin lowering its tariffs on specific sectors, in particular for cars and car parts, which currently face a 27.5% levy.}

^{The two sides will then start work on a legally binding text, said the official, who spoke on the condition of anonymity. The content and legal form of this document aren’t clear, but it would require the support of at least a qualified majority of EU countries and possibly the European Parliament.}

European stocks fall in backlash to US trade deal

https://www.thetimes.com/article/4a887724-d65d-4b38-9f76-d484a50d4488?shareToken=2b0b0eb0520ca707b47afbf05cd991e2

Times

EU-US Interim Trade ‘Deal’, Struck Deceptively in Scotland, Fails to Mention Internet Services as Climate Crumbles (2)

Trump’s tariffs are really a climate negotiation tactic (he has no leverage in the climate negotiations so he resorts to this):

Pie in the sky: FT.com