Despite disagreement from his top aides and Cabinet members, Donald Trump, the President of the United States of America, is planning to push ahead with a plan to impose ‘steep tariffs’ on steel – even if such a move will mean the beginning of a trade war.
Tariffs of up to 20% might be slapped on steel from China and the plan is being put together by Commerce Secretary Wilbur Ross, chief strategist Steve Bannon and senior policy advisor Stephen Miller.
In 2002 President George ‘Dubya’ Bush did something similar and ended up putting 200,000 steelworkers out of business, but that hasn’t phased Trump who has claimed that imported Chinese steel is ‘killing our steelworkers and our steel companies’.
Experts at Deutsche Bank in Germany argue that protectionism is the biggest threat to growth.
Source: Independent.co.uk
