Trump Starts Trade War With U.S. Allies

Predictably, Canada, Mexico and the European Union Promise to Retaliate

“President Donald Trump Thursday imposed tariffs on imported steel and aluminum from the European Union, Canada and Mexico, triggering immediate retaliation from U.S. allies against American businesses and farmers,” The Chicago Tribune reports.

“‘It’s more than highly unusual. It’s unprecedented to have gone after so many U.S. allies and trading partners, alienating them, and forcing them to retaliate,’ said economist Douglas Irwin, author of a history of U.S. trade policy since 1763. ‘It’s hard to see how the U.S. is going to come out well from this whole exercise.'”

“The tariffs – 25 percent on steel and 10 percent on aluminum – will take effect at midnight Thursday, marking a major escalation of the trade war between the U.S. and its top trading partners.”

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