Trump Declares a Trade War

President Trump said “that he will impose stiff and sweeping tariffs on imports of steel and aluminum as he moved to fulfill a key campaign promise to get tough on foreign competitors,” the New York Times reports.

“Mr. Trump said he would formally sign the trade measures next week and promised they would be in effect ‘for a long period of time.'”

Jonathan Swan: “I can’t overstate the effect of Trump’s new tariffs, 25% on steel and 10% on aluminum…. These tariffs have the potential to roil markets and affect relationships with allies. Trump is also touching the third rail of international trade law — he’s using an arcane trade law known as Section 232 to justify his actions.”

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