President Donald Trump’s announcement that he would place tariffs on steel and aluminum imports has economists cringing. Conservative Republicans are dusting off the principles they learned in Econ 101, liberal Nobel laureate Paul Krugman is warning that Trump will start an economically destructive trade war, and prominent world leaders are vowing to prove Krugman right. On Friday, European Commission President Jean-Claude Juncker threatened to retaliate against “unfair” U.S. tariffs with new levies on American motorcycles, bourbon and blue jeans.
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