Trump insists ‘trade wars are good, and easy to win’ after vowing new tariffs
Trump is imposing the steel and aluminum tariffs by utilizing legal provision that allows the White House to take steps if it can argue that imports threaten the national security of the United States.
Trump’s comments on Thursday and his Twitter posts on Friday made no mention of national security but, instead, referenced what he said was an unfair dynamic where the U.S. buys more from other countries than those nations buy from the U.S.
.. Canadian officials said the steel and aluminum tariffs would be unacceptable and that they would retaliate if it affected their exports to the United States. A number of other countries also expressed alarm. German politician Bernd Lange, who heads the trade committee at the European Parliament, shot back: “With this, the declaration of war has arrived.”
.. Trump believes that tariffs, even on steel produced by other countries, will help revive the U.S. steel and aluminum industries.
.. trade wars are unpredictable and escalate quickly.
.. Gary Cohn tried to prevent Trump from pursuing the tariffs but was bulldozed by other advisers who thought the changes were necessary and would fulfill promises Trump made while campaigning
.. The three-largest U.S. trading partners are China, Canada and Mexico.