ALWAYS BET ON THE dEEP sTATE:

No new tariffs while negotiating a new trade deal: It sounds a lot like Trump has agreed to restart negotiations on something akin to the Trans-Atlantic Trade and Investment Partnership, the proposed U.S.-EU trade deal that collapsed in 2016. Meanwhile, Germany no longer has to worry about Trump rear-ending its auto-industry with tariffs. Result: win-win.

Unwinding the steel and aluminum tariffs and retaliatory tariffs by Europe: Again, this just involves pushing reset on some of Trump's more aggro trade moves.

Europe buys more soybeans: It's not entirely clear to me how Juncker is going to arrange this, since the European Commission is a bureaucratic body that isn't typically in the business of purchasing overseas commodities, but either way, it's a nice olive branch that probably won't cost buyers in France or Germany much given that U.S. soybean prices are globally competitive. It does give Trump an opportunity to say he's looking out for American soybean farmers whose products have been hit with heavy tariffs in China, however, so he gets a PR victory.

Europe buys more natural gas: During the press conference, Juncker said that the EU would build more terminals to import liquified natural gas from the United States. But it's unclear what that means, exactly. Europe has already started purchasing more gas from the U.S. in recent years, and the commission president's statement left a good deal of ambiguity about what exactly would change.

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