Donald Trump calls it the biggest trade pact in history—the EU–U.S. trade deal. On paper, it’s a 15% tariff cap that looks like a win for Washington. But dig deeper, and the picture gets complicated. German carmakers, French winemakers, and European pharma all face billions in new costs. Brussels is calling it a “partial success,” but critics say Europe blinked while Trump walked away with the leverage. So, who really won? And who paid the price? Palki Sharma tells you.