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Protectionism: The United States taxes European steel and aluminum; Germany is hit hardest

After giving the European Union several opportunities to rebalance its trade with the United States, President Trump has put his protectionist threats into practice: there will now be a 25% tax on steel imports, and 10% on aluminum.

This will affect the Germans most strongly. Germany is the country that is first in Trump’s sights due its very large trade surplus (50 billion euros in 2017). Trump has even threatened to tax automobile imports as well by 25%.

Mexico and Canada are also being hit with American tariffs.

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