The Trump administration will levy hefty steel and aluminum tariffs on the European Union, Canada and Mexico starting on Friday, a move that brought threats of retaliation from the major trading partners.
Commerce Secretary Wilbur Ross said that President Trump had decided on Thursday morning to end the temporary exemptions for the three key trading allies despite their two months of lobbying to avoid the tariffs, raising tensions among the economic partners.
“We look forward to continued negotiations with Canada and Mexico on one hand and with the European Commission on the other hand as there are other issues we need to get resolved,” Ross told reporters on a conference call.
Tariffs are part of what led directly to the Great Depression, because goods became so expensive, people quit buying entirely. The economy collapsed.
Those who do not learn from history are forced to repeat it.