US steel tariffs: European Union prepare for trade war

European Union officials have said they will respond "firmly" if US President Donald Trump presses ahead with his plan for steep global duties on metals. EU trade chiefs are considering slapping 25% tariffs on around $3.5bn (£2.5bn) of imports from the US, Reuters news agency reports. Hence, the European Union is considering retaliatory tariffs, targeting US steel, agriculture and other products. “If the Americans impose tariffs on steel and aluminium, then we must treat American products the same way,” the European Commission President told German television stations. Tensions grew after Trump announced that he plans to

impose a 25% tariff on steel imports and 10% on aluminium

. Trump also tweeted saying "trade wars are good".  

When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!

— Donald J. Trump (@realDonaldTrump) March 2, 2018