When ego is bigger than economy, even chickens can be victims!
The tariffs imposed by President Donald Trump are increasingly self-inflicted as one country after another rises up to retaliate with higher tariffs.
Yesterday, the European Union (EU) also announced retaliatory tariffs on steel and aluminum from the United States (US), targeting US products worth €20.9 billion.
This EU strategy will be implemented in three stages, starting next week, with a main focus on products such as motorcycles, soybeans, and chicken.
This step was taken after Trump imposed a huge 25% tariff, further shaking up the global trade world.
This EU retaliation is seen by many as a necessary step but will further increase tensions in the increasingly intense trade war.
Despite this, the EU is still trying to be diplomatic, wanting to resolve this issue at the coffee table, while Trump is of the opinion that Europe needs to buy more energy from the US to balance the trade deficit.
Standing firm or naturally stubborn?
With tensions escalating, the focus is now shifting to the potential economic impact, as well as how this tariff war could change the landscape of international markets.
The EU is now poised to impose additional tariffs as early as mid-April, leaving global businesses on edge.
