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European Union to hit US with $3.3 billion in retaliatory tariffs starting next month
The duties aim to punch back at the United States after the Trump administration last week moved forward with hefty import taxes on steel and aluminum on some of its closest allies, including Canada, Mexico and the 28-nation European Union. All three have announced retaliatory measures. EU officials last week lodged a formal complaint with the World Trade Organization. The stakes in a trade war are high: The United States and the European Union trade just over €1 trillion ($1.2 trillion) in goods and services each year. The EU's retaliatory tariffs were expected. When the Trump administration first floated the idea ... (full story)