Weekly Comic: Trump Tariffs Spark Global Trade War Fears
Published Mar 08, 2018 07:38AM ET
Investing.com - Market sentiment this week was dominated by talk surrounding U.S. President Donald Trump's planned tariffs on steel and aluminum imports, which raised fears over a full-fledged global trade war.
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Trump is expected to sign an order to impose imports tariffs of 25% on steel and 10% on aluminum during a ceremony scheduled for 3:30PM ET (2030 GMT) Thursday.
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Such a move aims to counter cheap imports, especially from China, that Trump says undermine U.S. industry and jobs.
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The proclamation signing would cap a tumultuous week in the White House, where advisers have been sparring over the direction of U.S. trade policy, with the tariffs handing a victory to the nationalist wing led by adviser Peter Navarro and playing a part in Tuesday’s resignation of Gary Cohn, director of the National Economic Council.
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Fears of the first full-scale tariff war since the 1930s have been raised by the head of the World Trade Organization, who in a direct warning to Trump said that his proposed tariffs will trigger a domino effect that will lead to global recession.
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China's Foreign Minister Wang Yi said his country will respond as necessary in the event of a trade war with the United States, while warning that such a war would only harm all sides.
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Trump addressed trade with China in tweets on Wednesday, demanding that it lay out plans for reducing its trade surplus with the U.S. by $1 billion.
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Meanwhile, the European Union’s top trade official mentioned cranberries, orange juice and peanut butter as possible targets as the EU prepares to strike back against Trump's measures.
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EU officials had previously flagged Kentucky bourbon, Harley-Davidson motorcycles and Levi’s jeans among the products they have in their sights for retaliatory tariffs.
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That came after Trump threatened in a tweet to impose tariffs on European automakers.
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To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics
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Written By: Investing.com
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