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| Wednesday, March 07, 2018 | |
 YOUR BEST SOURCE FOR THE UNBIASED MARKET COMMENTARY YOU WON’T GET FROM WALL STREET |
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By Martin D. Weiss, Ph.D. | |
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Dear Loyal Reader,
A trade war hasn’t quite started yet, but it’s already escalating in terms of threats, counterthreats and rampant chestpounding. In retaliation for President Donald Trump’s promise last week to impose stiff tariffs on imported steel and aluminum, the European Union threatened to slap tariffs on a whole series of U.S. products, from Harley-Davidsons to Kentucky bourbon. The president shot back that he might retaliate with tariffs on imported cars. And now they’re at each other’s throats again, this time with the European Union throwing the blows across the Atlantic. The EU announced on Wednesday it’s going to take the case to the World Trade Organization. It’s going to throw up defenses to protect the European Union against steel diverted from the United States. (It’s unclear exactly what it means by that.) And it’s going to impose tariffs on a whole series of American-made goods. It seems last week the list of U.S. goods in its crosshairs was pretty short. Harley-Davidsons, Kentucky bourbon and the like. Now it’s getting a lot longer. Steel. T-shirts. Bed linen. Chewing tobacco. Cranberries. Orange juice. And many more. It’s still only $3.5 billion in trade, which is a fraction of cross-Atlantic trade. But the number is growing. |
