European Commissioner for Trade Cecilia Malmstrom gives a press conference on the US restrictions on steel and aluminium affecting the EU at the European Commission in Brussels, Belgium on June 1, 2018.
Credit: Stephanie Lecocq / EPA
President Donald Trump’s tit-for-tat trade war keeps heating up. The European Union announced Wednesday it will in July start imposing a sweeping round of tariffs on $3 billion worth of U.S. products in retaliation for the White House’s decision to hit European steel and aluminum products with duties.
“This is a measured and proportionate response to the unilateral and illegal decision taken by the United States to impose tariffs on European steel and aluminum exports,” EU Commissioner for Trade Cecilia Malmström said in a statement.
The commission cited WTO rules that it said allow for proportional counter-tariffs, and endorsed a list of goods it had previously submitted to the organization.
“We regret that the United States left us with no other option than to safeguard EU interests,” said Malmström.
The list includes a 25 percent tariff on imported U.S. steel […]
And the dye is cast for a repeat of the Great Depression. We the average sorts will feel the pain the most as jobs disappear and social security stops from lack of tax revenue, I have nothing else. The only saving grace might be that trump and neo-liberal economics will go the way of a much more competent President Hoover.
Okay tax revenue does NOT fund anything at the federal level.
That is a complete falsehood.
It is a myth put in place to make the government appear ineffectual.
See the MMT school of economics.
The following is an introduction to the concepts:
https://player.fm/series/citations-needed/episode-11-the-deficits-racket-part-i-single-payer-propaganda-war