EU Braces for a Trans-Atlantic Trade War
- EU in the dark as exemption from metal tariffs expires Tuesday
- Bloc won’t accept curbing exports at 90% of last two years
Shipping containers sit on board a cargo ship at the Eurogate Terminal at the Port of Hamburg.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
The European Union warned about the costs of a trans-Atlantic trade war while bracing for one to erupt after the U.S. signaled it will reject the bloc’s demand for an unconditional waiver from metals-import tariffs.
“A trade war is a losing game for everybody,” Belgian Finance Minister Johan Van Overtveldt told reporters in Sofia. “We should stay cool when we’re thinking about reactions but the basic point is that nobody wins in a trade war so we try to avoid it at all costs.”