Art of the Deal? Senate Minority Leader Chuck Schumer is now borrowing a word from President Donald Trump’s vocabulary: “Fake News.”
Schumer blasted Trump’s latest trade deal with the European Union on Monday, slamming the economic breakthrough that headed off a potential costly trade showdown as a loss for American consumers.
Trump delivered the stunning trade victory over the weekend, securing a deal with the European Union that will bring $750 billion in American energy purchases and $600 billion in new investments to the United States after just 75 minutes of negotiations with EU Commission President Ursula von der Leyen.
While European leaders praised Trump’s negotiating prowess and acknowledged the historic agreement, Schumer attacked the deal and sought to undermine Trump’s latest diplomatic success.
“Trump would have you believe it’s the biggest deal ever,” Schumer said. “Europe has admitted that this agreement isn’t legally binding, and they have no control over whether these investments even happen.”
The agreement, reached at Trump’s Turnberry golf course in Scotland on July 27, sets tariffs on European goods at 15 percent while eliminating duties on many American exports. The deal averted a trade war between the world’s two largest economic blocs, which account for 44 percent of global GDP.
“I think it’s the biggest deal ever made,” Trump proclaimed after emerging triumphant from the negotiations.
Even von der Leyen, who had to make significant concessions to American demands, praised Trump’s abilities after the agreement was reached. She called Trump a “tough negotiator and dealmaker.”
“This is clearly the best deal we could get under very difficult circumstances,” EU Trade Commissioner Maros Sefcovic said. Belgium’s prime minister called the deal a “moment of relief,” while other European officials acknowledged Trump’s successful pressure campaign.
On the United States side, U.S. Commerce Secretary Howard Lutnick hailed the breakthrough achievement.
“President Trump just unlocked one of the biggest economies in the world,” Lutnick said. “The European Union is going to open its 20 Trillion dollar market and completely accept our auto and industrial standards for the first time ever. In addition, it will purchase $750 BILLION in energy from us and invest $600 BILLION in America.”
“Another historic trade deal, another big win for America. President Trump is winning nonstop!” Rep. Ashley Hinson of Iowa declared.
Stephen Miran, chairman of the Council of Economic Advisers, took aim at critics who doubted Trump’s negotiating strategy. “Wrong. You owe an apology to [the president]. Another huge failure for elite consensus,” he posted on social media.
The negotiations capped months of escalating trade tensions, and came just days before Trump’s August 1 deadline for imposing his “Liberation Day” tariffs, which would have hit European goods with punishing 30 percent duties. Trump had put the odds of reaching an agreement at “50/50” just last week.
Trump’s latest success adds to a growing list of trade victories. The president has already cut preliminary tariff deals with the United Kingdom, Vietnam, Japan, Indonesia and the Philippines. He recently teased that his team locked down another deal but didn’t specify which country.