After weeks stressful interactions between its top trade authorities, the European Union and the US finally made a deal – and it comes on the latest round of the tariff dialogue with China.
It eventually took the leaders of Washington and Brussels to sit face to face to reach the Sunday’s agreement.
This is something that we have also seen with other deals that have been killed by President Donald Trump – his personal participation has pushed him on the line – even when a success possibilities did not seem bright.
It matters to both sides because so many businesses and jobs depend on what the European Union says “the world’s largest bilateral trade and investment relationship”.
Ursula von Der Leyen, President of both President Trump and European Commission, may paint it as something of victory.
For the European Union, tariffs could have deteriorated at 15% instead of 30%, which was threatened – although it is not as good as the UK’s 10% rate.
For the US, for government cofers, about $ 90BN (£ 67BN) of tariff revenue for the US is now $ 600BN investment due to previous year trade data – as well as coming into the country.
A large number of large numbers have been dumped in this context, how much will be invested in the European Union, but the devil will be in detail.
Questions just like those investments, and in which areas, for now, are unanswered.
The deal is being sold as a historic moment in relations between the US and the European Union.
It is not easy to reach this point.
Washington and 27-nation blocks have played both hardballs nor were they ready to give easily, which is why the talks went on the wire.
But neither no party wanted these talks to pull beyond the time limit of 1 August.
Over the years, the US President has published whatever is considered as inappropriate trade practices of Europe.
Its first part is deficit. Last year it meant that the US bought $ 236BN goods from the European Union, as it was sold to the block.
Trump has somewhat simple approaches that it is American money that is unnecessarily leaving the country. The reality is that international trade is a more complex case.
Other complaints have been that strict rules of the European Union on everything from cars to chickens make it difficult for American companies to sell their products in the European Union in another way.
When we get more details of this deal, we can know how much has been done to address it.
But European Commission Chairman Ursula von Der Leyen accepted the need to deal with the deficit.
Announcing the agreement, he said: “We have to re -order it. We have an excellent business relationship.
“This is a large amount of business that we have. So we will make it more durable.”
The deal shows how serious it is about telling President Trump about telling the world, the world’s largest economy, everyone else.
Given that there are 27 separate countries in the European Union, it looks one of the complicated trade agreements to pull.
It comes a few days after a more major agreement with the US – there have also been deals with Britain, Vietnam and Indonesia.
Other big people on the table are still with the three largest American trade partners – Mexico, Canada and China.
And in the mood to deal with the US President, there may be more positive news for the global economy in the next 48 hours.
For the third time in several months, the US and China are holding their next trade talks in Stockholm, Sweden on Monday and Tuesday.
Some hope that high tariffs can be suspended for another 90 days.
A few days ago, Trump said that the US was “being very well with China” and inherent that the major glued points of the export of rare earth metals were overcome.
With a wide outline of an European Union’s agreement in hold, Washington’s business negotiaters have given air to their sails in conversation with Beijing.
But China has so far taken a more unrelated approach than other American trade partners.
And if there is talks between the two largest economies in the world, the global business can still go for water in the coming months.
