The EU has looked down the barrel of the trade war gun pointed at them by the Trump administration and they have not blinked. Instead, they appear ready to fire back with a round of US-targeted tariffs of their own.
The trade war that wasn’t going to happen, because experts said it wouldn’t, appears ready to kick off in full force.
From NY Times
|EU Pledges to Fight Back on Trump Tariffs as Trade War Looms|
European Union officials unveiled an array of tariffs on Wednesday that they would place on American-made goods if the United States followed through on President Trump’s plan to impose penalties on imported steel and aluminum, raising the specter of a trade war.
The announcement in Brussels was the latest rebuke to Mr. Trump’s proposed tariffs, which have met with consternation domestically and with threats of retaliation abroad. The president’s top economic adviser, Gary D. Cohn, said on Tuesday that he was resigning, a move widely believed to be linked to the trade plan, which he had lobbied against. Republican leaders, including Paul D. Ryan, the House speaker, have also railed against the tariffs.
Internationally, the plan for the new American tariffs — blanket penalties of 25 percent on imported steel and of 10 percent on aluminum — have drawn concern from allies including Britain and Canada, as well as from rivals like China. The European Union had warned of retaliatory charges last week, and outlined those plans on Wednesday.