A day after announcing steep tariffs on imports of steel and aluminium, US President Donald Trump has tweeted that “trade wars are good, and easy to win”.
Economists say the impact of price increases would destroy more jobs than curbs on imports create
Fears of an escalating trade war triggered selloffs on Wall Street, Asia and Europe
Brussels will join other countries in challenging the measures at the WTO
Mr Trump said the United States would apply duties of 25 per cent on imported steel and 10 per cent on aluminium to protect US producers, although White House officials later said some details still needed to be ironed out.
“When a country [USA] is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win,” Mr Trump tweeted.