A trade war is brewing on the international stage.
With President Donald Trump slapping steep tariffs on a diverse array of goods from other nations, particularly China, other nations and trade blocs are vowing to retaliate with their own tariffs on U.S. goods.
According to recent filings published by the World Trade Organization (WTO), Japan and Russia warned that they might retaliate against U.S. tariffs on aluminimum and steel by applying penalties worth $1 billion.
From Reuters:
The documents from Russia and Japan, following similar filings last week by the European Union and China, notified the United States of the cost of its tariff plan, based on 2017 exports.
Russia said the U.S. plan would add duties of $538 million to its annual exports and Japan put the sum at $440 million, and both said they had the right to impose equal costs on U.S. exports. Neither named the U.S. products that they might target.
Tit for tat measures will only harm average Americans.
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