The trade war was expected to escalate out of control. Markets were forecast to plunge. None of that happened – at least, not yet. President Donald Trump has pulled off what few outside the White House predicted: A trade war victory of sorts that sets America’s taxes on imported goods higher than the infamous Smoot-Hawley era,

James Knightley, ING’s chief international economist, said the deal with the European Union is important. But he said there are still questions to be settled with some of America’s major trading