U.S. tariffs

The European Union will implement counter tariffs on €26 billion worth of U.S. goods beginning in April, the European Commission announced on Wednesday.

Donald Trump specifically mentioned the automobile industry as one of the first sectors to be affected by the tariffs.

A trade war would destabilize the global economic system, creating widespread consequences in international trade, supply chains, deep-sea shipping, and European and Greek refineries.

The primary source of concern is the new president’s stated intention to impose general import tariffs of 10% to 20% to boost local employment in the U.S.