President Trump Hosts The President Of Finland At The White House Getty ImagesIn a major expansion of President Trump’s trade war, the United States plans to impose tariffs on $7.5 billion worth of imports from Europe. It was not clear how the taxes on European aircraft would work as commercial jetliners are typically sold to middlemen who then lease the planes to airlines. Malmstrom said a tariff war would only “inflict damage on businesses and citizens on both sides of the Atlantic.”Trump also has threatened to impose tariffs on European automakers because of the hefty taxes Europe puts on U.S. cars such as SUVs. The ramping up of the trade war comes at a time when the global economy is sharply slowing, in part because of the trade conflict between the U.S. and China. Germany, a major exporter, is already in recession and the European Central Bank and the U.S. Federal Reserve have taken measures to prime their economies.

Source: Forbes October 02, 2019 20:48 UTC