(Hans von der Burchard and Jakob Hanke – Politico)
Economists like to argue that everyone is a loser in a trade war, but U.S. President Donald Trump is chalking up some early victories.
Deploying the same bullying tactics he used to squeeze rivals in the real estate business, Trump has used the threat of steel and aluminum tariffs to exact a string of big concessions.
After letting allies beg for two weeks to be spared from the new duties, the president announced last week that he would grant temporary reprieves to those countries that would agree, by May 1, to help America combat its yawning trade deficit.
While French President Emmanuel Macron insists that the EU will not be forced into helping out America at gunpoint, many countries seem to be lining up to give Trump what he wants. In sectors ranging from steel to cars, countries and big business groups from Germany to South Korea are flinching in the face of Trump’s hardball onslaught. Click here to read more.