A revealing trade agreement

The trade agreement between the European Union and the United States was received in the media as what it is: a humiliation. After threats of 30% tariffs, the newly announced agreement provides for a 15% tariff and a commitment to purchase energy and weapons from the North American market, in addition to an increase in foreign direct investment. The US secures the payment of a European tax, without any compensation. Its exports will not be subject to any tariffs. This stance of the European Union (EU) only makes sense in the imaginary world of the conventional economic model, where the introduction of a tariff on imports results in a net loss of welfare. However, with the exception of some economists, this agreement is rightly perceived as an economic and political affront.