The U.S. tariffs on $7.5 billion of European goods could stay in place for many months, says Clete Willems, former National Economic Council deputy director.
The U.S. and the EU have been at odds over trade issues, especially since Trump took office in 2017. Both sides have been trying to negotiate a trade deal but have not appeared to make much progress.
A potential escalation in trade friction between the two sides comes at a time when the U.S. is facing off againstin a tariff fight that has dampened business sentiment and threatened economic growth globally. Vishnu Varathan, head of economics and strategy at Mizuho Bank, wrote in a Thursday note that it's hard not to see the timing and context of the WTO ruling as "tragic." He said the decision could steer global trade "even more off-course."
"But the blow is not just to trade as corporate margins erode, household discretionary income is diminished, shipping suffers air pockets and financial repression is prolonged," he said.
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