The toughest negotiation of all for the US administration is with the EU.
I just don't see any world where the EU can accept a 10% floor on tariffs. But there is also a significant trade surplus with the US so I don't see how Trump's team can back down.
But if the EU gets sub-10% tariffs then what about other trade partners?
In a perfect world maybe all tariffs end up back at zero and the US gets some trade concessions that open up some markets. There's a decent chance of that but that sort of 'win' is hardly worth the political cost the US has already paid.
Time will tell.
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