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  HOME | Oil, Mining & Energy (Click here for more)

EU Rebukes Trump’s Steel Tariffs: Trade Wars Are Bad, Easy to Lose

LUXEMBOURG – The president of the European Council, Donald Tusk, rebuked on Wednesday United States President Donald Trump’s recent proposals to hike trade tariffs on steel and aluminum, warning that, contrary to the line taken by the White House, trade wars were not productive nor desirable.

Tusk’s remarks came amid heightened concerns in the European Union over the threat of increasing US trade protectionism following Trump’s warning that he may slap 25 percent tariffs on metal exports.

“President Trump has recently said, and I quote: ‘Trade wars are good and easy to win’,” Tusk told a press conference in Luxembourg. “But the truth is quite the opposite, trade wars are bad and easy to lose. For this reason, I strongly believe that now is the time for politicians on both sides of the Atlantic to act responsibly.”

The EU could react proportionately if the repercussions of such tariffs affected EU citizens, Tusk added, proposing that an extraordinary meeting on the topic be held at an upcoming summit.

 

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