(Robin Pomeroy – Reuters)
Europe and the IMF urged Donald Trump on Wednesday to step back from the brink of a trade war, after the resignation of his top economic adviser emboldened those encouraging him to push ahead with tariffs on imported steel and aluminum.
The departure of Gary Cohn, seen as a bulwark against Trump’s economic nationalism, hit shares, oil and the dollar on Wednesday, as investors saw an increased likelihood of tit-for-tat trade measures that would depress global growth.
Trump plans to impose a duty of 25 percent on steel and 10 percent on aluminum to counter cheap imports, especially from China, that he says undermine U.S. industry and jobs. Click here to read more.
- EU leader Responds to Trump’s Tariff Plan: ‘We can also do stupid’ (MarketWatch)
- Trump’s Tariffs Look Like a Self-Inflicted Wound (Bloomberg)
- Sweden’s PM Takes a Shot at Trump’s Tariffs While Standing Right Next to Him (Business Insider)
- EU Raises Stakes for Trump by Aiming Levies at GOP Heartland (Bloomberg)