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Photo: Win McNamee/Getty Images

President Trump took a victory lap in the Rose Garden after achieving at least a rhetorical de-escalation of his trade war during a visit by European Commission President Jean-Claude Juncker.

Between the lines: Critics will say Trump was taking credit for solving a problem he caused, but free traders were relieved that at least for now, there's a pause in new tariffs for the Continent. And they hope that Trump has found an exit ramp — a face-saving way to back out of an escalating round of tit-for-tat sanctions that have already begun to hurt Trump Country farmers.

The vague agreement sets a goal of getting to zero tariffs and zero subsidies:

  • But it leaves many unsettled questions to be worked out during the pause.
  • And it doesn't get into detail on two of the thorniest trade categories between the U.S. and Europe: autos and agriculture.
  • Steel and aluminum tariffs remain in effect, as do Europe's retaliatory measures. But there's a freeze.
  • Some big problems still need to be worked through, including regulatory issues.
  • White House economic adviser Larry Kudlow and Commerce Secretary Wilbur Ross played major roles in the negotiations.

What Trump is thinking ... Trump has enlisted his ambassador to Germany, Richard Grenell, to seek zero tariffs from the Germans.

  • Associates say Trump is enraged by all the BMWs and Mercedes-Benzes he sees in the U.S. He wants to see more Chevrolets on the streets of Germany.

Go deeper

31 mins ago - Health

Pfizer begins clinical trial for Omicron-specific COVID vaccine

A health worker in Palestine preparing a dose of the Pfizer-BioNTech's coronavirus vaccine on Jan. 24. Photo: Majdi Fathi/NurPhoto via Getty Images

Pfizer and BioNTech announced Tuesday that they have started clinical trials for a reformulated vaccine to protect against the Omicron coronavirus variant.

Why it matters: The rise of the Omicron variant has forced vaccine makers to reassess the effectiveness of their vaccines.

Retail stock traders power stunning comeback after deep selloff

Illustration: Megan Robinson/Axios

Stocks staged a Patrick Mahomes-esque comeback Monday, after plunging for the first few hours of trading.

Why it matters: The remarkable recovery suggests that retail traders who upended markets over the last year — most notably during the GameStop bonanza that occurred almost exactly a year ago — continue to be powerful influence in the markets.

America can't quit polarizing politicians

Expand chart
Data: NewsWhip; Chart: Kavya Beheraj/Axios

New data finds that the nation's most polarizing politicians are often the ones that garner the most attention online.

Why it matters: Online engagement helps politicians build a bigger national profile and more fundraising power, incentivizing them be more outrageous, more polarizing and more divisive.