US risks sparking global trade war

The Telegraph, June 02, 2018

Canada and Mexico retaliated with levies on billions of dollars of US goods from orange juice to pork, and the EU was set to tax bourbon whiskey and Harley motorcycles, after Washington risked a global trade war to impose steel and aluminium tariffs.
EU trade commissioner Cecilia Malmstrom announced the bloc would take the US to the World Trade Organisation to challenge the legality of the new tariffs, saying negotiations with Washington were not currently possible.
EU retaliatory tariffs were being prepared and would take effect from June 20 once backed by member states.

She also announced a case against China at the WTO over the alleged infringement of intellectual property rights, saying the simultaneous action showed that the EU was being evenhanded. "We are determined to protect the multi-lateral system," she said."We are expecting everybody to play by the rules."
President Donald Trump's tariffs on Washington's closest allies drew condemnation from Republican lawmakers and the country's main business lobbying group and sent a chill through financial markets.
Shares of industrial heavyweights Boeing and Caterpillar both fell. Trade war fears drove Chinese shares lower on Friday.
European shares were lifted by a long-awaited deal to form a government in Italy, but still sharply down for the week. Tariffs of 25 per cent on steel imports and 10 per cent on aluminium were due to be imposed on the EU, Canada and Mexico from 0400GMT on Friday. "We look forward to continued negotiations, both with Canada and Mexico on the one hand, and with the European Commission on the other hand, because there are other issues that we also need to get resolved," US commerce secretary Wilbur Ross said.
Canada and Mexico, embroiled in talks with the US to modernise the North American Free Trade Agreement, responded swiftly.
Canada, the largest supplier of steel to the US, will impose tariffs covering C$16.6 billion ($12.8 billion) on US imports, including whiskey, orange juice, steel, aluminium and other products. Reuters
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