The Trump administration will levy hefty steel and aluminum tariffs on the European Union, Canada and Mexico starting on Friday, a move likely to lead to retaliation and risk the future of the North American Free Trade Agreement (NAFTA).
Commerce Secretary Wilbur Ross on Thursday said President Trump has decided to end the temporary exemptions for the three key trading allies despite their two months of lobbying to avoid the tariffs.
The last time that there was a global tariff ‘war’, the US entered and stayed in the Great Depression, as international trade slowed and then stopped. The trade war combined with a lack of financial regulations on the banking industry, just as is happening today. Republicans are loosening the regulations on banks, just the same as happened before the Great Depression.