The temporary exemptions from the US steel and aluminum tariffs are set to expire tomorrow. And it’s so far uncertain what will happen next. It’s widely reported Trump will start imposing the tariffs on EU. The decisions on Mexico and Canada are less certain as NAFTA negotiations continued to drag on. But there are reports that Trump will just go ahead with the tariffs too. Announcement could be made as soon as today.
It’s clear that EU, Canada and Mexico are prepared for retaliation. And the US announcement today could finally, formally, starts global trade wars between US and the world. The section 232 national security probe on automobile imports is also waiting on the line. The commerce department has announced to hold two days of public hearing in July for the probe.
The US Chamber of Commerce already criticized the probe and warned that tariffs “would deal a staggering blow to the very industry it purports to protect and would threaten to ignite a global trade war.”
