Donald Trump threatened on Wednesday to escalate a global trade war with further tariffs on European Union goods, as major US trading partners said they would retaliate for trade barriers already erected by the US president.
Just hours after Trump’s 25% duties on all US steel and aluminum imports took effect, Trump said he would impose additional penalties if the EU follows through with its plan to enact counter tariffs on some US goods next month. “Whatever they charge us, we’re charging them,” Trump told reporters at the White House.
Trump’s hyper-focus on tariffs has rattled investor, consumer and business confidence and raised recession fears. He has also frayed relations with Canada, a close ally and major trading partner, by repeatedly threatening to annex the neighboring country.
Canada, the biggest foreign supplier of steel and aluminum to the United States, announced 25% retaliatory…
