President Trump’s abrupt announcement Thursday that he intends to impose a 25 percent tariff on steel and, similarly, a 10 percent tariff on aluminum imports has Republicans and Wall Street on edge.
The verbal message was complemented by an aggressive tweet storm, in which Trump asserted the controversial move was necessary to protect the United States from “unfair trade and bad policy from around the world,” no doubt a nod toward China, who has been bending the rules for decades.
Foreign leaders predictably reacted by threatening to impose tariffs on American products like Harley Davidson motorcycles, Bourbon and even blue jeans, according to The New York Times.
The same article reported, when inquired about the threats, the president of the European Commission, Jean-Claude Juncker, said, “None of this is reasonable, but reason is a sentiment that is very unevenly distributed in this world.”
Bringing some reason to the conversation is New York Times Tax and Economics Reporter Jim Tankersley. He joined Armstrong & Getty to break down the local and global implications of Trump’s proposed tariffs, including the possibility of a trade war!
Listen to their discussion below.