President Trump announced a trade deal with the European Union last month, proclaiming a “generational modernization of the transatlantic alliance” that will “provide Americans with unprecedented levels of market access” and is “yet another agreement that positions the United States as the world’s preeminent destination for investment, innovation, and advanced manufacturing.”

The EU has been criticized heavily for folding to Trump. However, after many years of studying, practicing and teaching negotiations, I am not nearly so critical of the European strategy.

Negotiating with Trump inevitably leads to three possible tactics: ignoring, retaliating or capitulating. Everyone goes for one or more of these tactics. But most have ended up at the last one, capitulating. The U.K. (like Columbia University, and perhaps soon Harvard) was much derided when it pioneered the capitulation strategy in May. But it is not necessarily a bad strategy when confronted by Trump.

Alan Beattie of the Financial Times perceptively notes that “Trump likes deals that aren’t worth the handshake they’re written on.” “Roll with the punch,” he suggests, “get the lowest baseline tariff you can, offer him some concessions with good optics but low impact, talk up the importance of the deal for the........

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