The U.S.-EU trade deal has been heavily criticised as a capitulation by the bloc. But if you dive into the agreement details, the European Union is likely not only to suffer less than the U.S. but may even see its economy benefit from the new global tariff regime.

The EU on July 28 came to an agreement with the U.S. that set base levies on EU goods at 15%, below the 30% rate U.S. President Donald Trump had threatened, through still much higher than tariffs were before the trade war began.