Trump slaps tariffs on $23bn of trade

Donald Trump's tariffs on steel from the EU, Canada and Mexico are bad for the US economy or the global economy, and will lead to retaliatory tariffs that will cause further damage.

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Trump could yet back away and take the heat out of the trade war
(Image credit: 2002 Getty Images)

Donald Trump "is about to find out how easy trade wars are to win", says Economist.com. Citing national security, he has announced a 25% and a 10% levy on steel and aluminium imports respectively. The affected regions are the European Union, Canada and Mexico, and the measures cover trade flows worth $23bn in 2017.

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Andrew Van Sickle
Editor, MoneyWeek

Andrew is the editor of MoneyWeek magazine. He grew up in Vienna and studied at the University of St Andrews, where he gained a first-class MA in geography & international relations.

After graduating he began to contribute to the foreign page of The Week and soon afterwards joined MoneyWeek at its inception in October 2000. He helped Merryn Somerset Webb establish it as Britain’s best-selling financial magazine, contributing to every section of the publication and specialising in macroeconomics and stockmarkets, before going part-time.

His freelance projects have included a 2009 relaunch of The Pharma Letter, where he covered corporate news and political developments in the German pharmaceuticals market for two years, and a multiyear stint as deputy editor of the Barclays account at Redwood, a marketing agency.

Andrew has been editing MoneyWeek since 2018, and continues to specialise in investment and news in German-speaking countries owing to his fluent command of the language.