"We're in much better shape because it's now clear that if there's gonna be a real trade war with anyone, it would just be with China," Secretary Ross tells Fortune.

The economy was supposed to crumble. The trade war was expected to escalate out of control. Markets were forecast to plunge. None of that has happened. But Trump’s early trade victory may be short-lived.

EDINBURGH, Scotland (AP) — The United States and the European Union agreed on Sunday to a trade framework setting a 15% tariff on most goods, staving off — at least for now — far higher import duties on both sides that might have sent shock waves through economies around the globe.

European Commission President Ursula von der Leyen and President Trump finally agreed to a trade/tariff deal with the European Union this weekend at Trump's golf club in Turnberry, Scotland. "We are agreeing that the tariff straight across for automobiles and everything else will be a straight-across tariff of 15%,

European Commission President Ursula von der Leyen is set to meet U.S. President Donald Trump on Sunday to clinch a trade deal for Europe that would likely see a 15% baseline tariff on most EU goods,

Donald Trump has returned to his golf course in Turnberry, Scotland, for a round before discussing trade with European Commission chief Ursula von der Leyen.

President Donald Trump announced he reached a trade deal with the European Union that is largely lopsided in the United States’ favor. Trump hosted the British prime minister at his Scotland golf course.

Companies, consumers and foreign countries have been paying close attention to President Donald Trump’s aggressive policy of placing tariffs on foreign goods. Soon, the courts will weigh in on whether Trump has the power to levy those tariffs in the first place — a high-stakes legal battle that will either affirm a key pillar of Trump’s economic policy or cut it off at the knees.