”The risk is that both companies and households will hold onto the money instead of investing and consuming, since you don’t know what applies even in a few hours”, writes Dousa in a comment to TT.
He writes that the US tariffs make everyone a loser, but that Europe and Sweden can emerge as winners. Researchers and young talents are welcome additions to the European economies, he writes.
It was during a speech to employees at US Steel in Pennsylvania that Trump said he wants to double the import tariffs on steel and aluminum from 25 to 50 percent to ”secure the steel industry” in the USA.
The new import tariffs come into effect on June 4.
EU ready to strike back
The EU Commission ”deeply regrets” the message from Trump. It ”undermines ongoing efforts to achieve a negotiated agreement”, writes the Commission.
Furthermore, it is clarified that the EU is ready to strike back.
"If no mutually acceptable solution is reached, both existing and additional EU measures will automatically come into effect - or earlier", it states.
”Direct attack”
The steelworkers' union USW criticizes Trump's move as a "direct attack on Canadian industries and workers."
"Thousands of Canadian jobs are at stake and communities dependent on steel and aluminum are at risk", says Marty Warren, USW's leader in Canada, in a statement according to CNBC.
"Canada must react immediately and decisively to defend workers."
