New Delhi, Aug. 3 -- When US President Donald Trump and European Commission President Ursula von der Leyen shook hands at Trump's Scottish golf resort last week, they weren't just announcing a new trade deal-they were formalizing Europe's economic and ideological surrender. By agreeing to 15% tariffs on most exports to the US, the EU has capitulated to Trump's zero-sum world-view. In doing so, it has abandoned the principles of multilateralism that have long guided global trade.

The economic consequences will likely be immediate and severe. European exporters now face tariffs nearly ten times higher than the previous trade-weighted average of 1.6%. Volkswagen alone has reported a $1.5 billion hit due to higher US tariffs.

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