Oil prices rallied Tuesday as the U.S.-European Union trade agreement “averts a broader tariff war” and as U.S. and Chinese officials meet in Stockholm to try to de-escalate trade tensions, said Brian Swan,

FRANKFURT, Germany — The European Union’s trade agreement with the Trump administration is getting mixed reviews. EU officials say they warded off a total economic disaster. But French officials in particular say the EU punched below its weight while economists say the deal is dangerously vague.

The Trump administration touts tariffs as part of a wider set of "America First economic policies," which have "sparked trillions of dollars in new investment in U.S. manufacturing, technology, and infrastructure," according to the White House's website.

The economy was supposed to crumble. The trade war was expected to escalate out of control. Markets were forecast to plunge. None of that has happened. But Trump’s early trade victory may be short-lived.

President Trump has announced a trade agreement with the European Union. CBS News' Olivia Rinaldi and Javier David have details on the deal.

President Donald Trump’s announced series of preliminary trade agreements are likely to put downward pressure on the U.S. dollar (DXY) over time, according to Goldman Sachs. “The deals have been generally consistent with our economists’ expectations for a reset higher in the baseline tariff rate offset by some key reductions in sectoral tariffs,

The Trump administration’s trade agreements with a handful of countries are helping Americans feel somewhat more confident about the economy’s health and its future.

Japan said on Tuesday the trade agreement it struck with the U.S. cleared uncertainties on U.S. trade policies but continued attention needs to be given to risks of those policies putting downward pressure on the Japanese economy.