(3 Minutes Read)
The U.S. President put similar tariffs in place during his first presidency – a move that strained relations with important American allies. It also saw a cost increase for “downstream’’ manufacturers that purchase the metals.
German Chancellor Olaf Scholz, vowed a response to Donald Trump’s tariff plans., while addressing German Parliament. Trump has proposed a 25% tax on foreign steel and aluminium, to protect local producers.
Responding to this, the Chancellor said If the U.S. left no other choice, the European Union would react united. As the largest market in the world, with 450 million citizens, the EU has the power to do so, Scholz said. However, he added that the EU would be spared the wrong path of tariffs and counter-tariffs. Ultimately, trade wars always cost both sides prosperity, he cautioned.
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The U.S. President put similar tariffs in place during his first presidency – a move that strained relations with important American allies. It also saw cost increase for “downstream’’ manufacturers that purchase the metal.
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