Trade war brewing as Brussels braces itself for possible US steel, aluminium tariffs

MICHAEL REYNOLDS

A file photo dated 04 June 2007 showing workers transporting steel cables at a steel yard in Beijing, China.

Trade war brewing as Brussels braces itself for possible US steel, aluminium tariffs


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The EU is bracing for a reaction to threats of a 24% US tariff on steel and a 7.7% tax on aluminium.

The European Commission is preparing for countermeasures in kind, Germany’s Frankfurter Allgemeine Zeitung reported on Tuesday.

Washington has directly threatened China, Russia, Vietnam and other emerging economies. However, if tariffs were to be extended to Europe, Brussels would focus on Harley Davidson motorcycles, bourbon, as well as agricultural products.

This should go some way to hurting the electorate base of Republican House Speaker Paul Ryan and the Senate Majority Leader Mitch McConnell. Ryan is elected in Wisconsin, where Harleys are manufactured, and McConnell in Kentucky, a major exporter of bourbon.

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