Trump is all set to launch a full-blown trade with China in the coming weeks by imposing tariffs on $50 billion worth of Chinese goods but, before we get there, Trump is igniting a more global trade war with our closest allies.
The Trump regime announced late last night they intend to go ahead with Trump's tariffs on steel and aluminum imports from Mexico, Canada, and the European Union.
Those tariffs were previously delayed and placed on the back-burner, but now they're going to be imposed at midnight tonight.
The EU said it would take immediate steps to retaliate, while Mexico vowed to impose duties on everything from U.S. flat steel to cheese. Canada was expected to respond later Thursday, but said earlier this week it would react “appropriately” to any tariffs. [...]
The EU said on Thursday it will impose retaliatory duties, a measure the bloc earlier indicated would target $3.3 billion in American products from Harley-Davidson Inc. motorcycles to Levi Strauss & Co.’s jeans as well as bourbon whiskey. The bloc also plans to proceed with a case at the World Trade Organization against the U.S. import restrictions.
Mexico is also planning to retaliate against American agriculture by imposing duties on pork, apples, and nuts among other things. That will come in addition to China's retaliatory duties on American pork and apples.
The next big question is where does this stop? Will it stop here, or will Trump pretend he's a victim and retaliate for their retaliation? How far will it escalate?
I don't think it would be an exaggeration to say Trump's actions could ruin family-owned farms for an entire generation if not permanently.