Now that US President Donald Trump has announced tariffs on steel and aluminum imports, the EU is mulling counter-measures. Berenberg Bank Chief Economist Holger Schmieding warns against an escalation of the conflict.
We live in a time of tariffs. In the wake of US tariffs on steel and aluminum, the EU has made several counter moves. The latest sees the bloc placing tariffs on steel imports which exceed quotas set at existing levels.
Global trade tensions have been brewing for months with tariffs and counter-tariffs flying between the US, China and several other countries. The US government has now challenged some of the tariffs at WTO level.
US officials have revealed a list of Chinese goods they will be targeting with 10 percent tariffs, raising fears of an escalating trade war. US retailers have slammed the decision, as has China itself.
After praising the US's relationship with Germany, President Donald Trump is accusing the country of skimping on its defense budget. Earlier in the day, he'd put on a smile while addressing reporters with Angela Merkel.
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