Energy Prospectus

President Donald Trump today signed two proclamations expanding the Section 232 tariffs on steel (25 percent) and aluminum (10 percent) to products imported from the European Union, Canada, and Mexico. Officials said the president acted on national security grounds, due to a rising tide of imports threatening the domestic metals industry. President Trump had proposed the tariffs in March, but gave several U.S. allies temporary exemptions while they negotiated potential limits on shipments to the United States. For example, the United States negotiated voluntary export quotas with several other friendly nations, including Argentina, Australia and Brazil that now join South Korea. Today's announcement triggered immediate retaliation from U.S. allies. In response, the E.U. said it would impose duties "on a number of imports from the United States," referring to a 10-page list of targets for retaliation it published in March, which included Kentucky bourbon and Harley-Davidson motorcycles. European leaders also vowed to proceed with a complaint to the World Trade Organization. The Mexican government said it would also levy import taxes on various U.S. exports.

No matter what you think of President Trump, he definitely is "interesting". I sure think the Europeans have more to loose in a trade war with the U.S.