Trump steel tariffs: EU warns it will respond 'firmly'

[sunonmars]

http://www.bbc.co.uk/news/world-us-canada-43264200

European Union officials have said they will respond "firmly" if US President Donald Trump presses ahead with his plan for steep global duties on metals.

EU trade chiefs are considering slapping 25% tariffs on around $3.5bn (£2.5bn) of imports from the US, Reuters news agency reports.

World Trade Organization Director General Roberto Azevedo said: "A trade war is in no one's interests."

The rhetoric ramped up as Mr Trump tweeted that "trade wars are good".

International condemnation has greeted the US president's Thursday announcement that he plans to impose a 25% tariff on steel imports and 10% on aluminium next week.

What are EU officials saying?
The European Union is reported to be considering retaliatory tariffs, targeting US steel, agriculture and other products.

European Commission head Jean-Claude Juncker promised to react firmly.

"We will not sit idly while our industry is hit with unfair measures that put thousands of European jobs at risk," he said.

French economy minister Bruno Le Maire said there would "only be losers" in a US-EU trade war.

Mr Le Maire vowed a "strong, co-ordinated and united response from the EU".

Canada, Mexico, China and Brazil have also said they are considering retaliatory steps.

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The Gimp screws the pooch again.

[gordianot]

1. As I seem to remember my College Economic History class from 30 years ago

Besides unregulated banking practices the 1928 world wide depression was also influenced by US Smoot-Hawley tariffs. Go figure.

[ismnotwasm]

2. K&R