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,

The president’s vision for reshaping global trade is falling into place, but he is embarking on an experiment that economists say could still produce damaging results.

The United States and the European Union announced a trade framework Sunday, staving off for now higher import taxes on both sides.