What started out as a limited trade dispute between the USA and the rest of the world has now developed into a veritable trade war. Early in June, the US government introduced punitive tariffs on imports of steel and aluminium, and with effect from 22 June the EU imposed rebalancing measures; many other countries, above all China and Canada, have followed suit. The EU has also imposed provisional safeguard measures on rising imports of steel, which are entering the European market as a result of US tariffs: when certain import limits are exceeded, special duties are levied on many types of steel. It seems like half the world has filed complaints against unfair trade practices by the USA at the World Trade Organisation (WTO). President Trump is fuelling the trade war with threats to also impose import tariffs on automobiles. China has already introduced tariffs on car imports from the USA.
展开▼
