The European Union dodged an imminent trade war with the US this week, but markets and a growing chorus of critics have dispelled early hopes that the deal will bring a sense of stability back to transatlantic relations.

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The good news is that an all-out transatlantic trade war appears to have been averted. European Commission President Ursula von der Leyen has confirmed the broad outlines of the accord, which appears to be more of a framework than a formal line-by-line agreement.