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| The economically ignorant Trump started it. |
Mercantilist madness intensifies.
Following a statement this morning from Commerce Secretary Wilbur Ross that tariffs will be imposed on steel and aluminum imports from Mexico, Canada and the EU (see: Trump Goes Neanderthal: Slaps New Tariffs On Mexico, Canada and the EU), the EU and Mexico have announced retaliatory tariffs.
The E.U. said it would impose duties “on a number of imports from the United States,” referring to a 10-page list of targets for retaliation it published in March, which included Kentucky bourbon and Harley-Davidson motorcycles.
The Mexican government said it would levy import taxes on U.S. exports of pork bellies, blueberries, apples, grapes, certain cheeses, and various types of steel.
The generally clueless President of France Emmanuel Macron has couched Trump’s tariffs correctly as a “nationalist retrenchment” reminiscent of Europe in the 1930s.
-RW
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