President Trump goes to Europe this week. Its leaders are bracing for the impact.

Improbably, the Federal Reserve is surviving the Trump era with its integrity intact. Jerome H. Powell, the Fed chairman since February, is quietly emerging as a skilled Washington operator.

Critics are panning the president’s new trade deal with Canada and Mexico as a minor update. They’re wrong—it’s a significant accomplishment.

If an expert committee makes the wrong call on Thursday, there is a disquieting possibility that the cliff may be in sight.