Daco said there is a risk that other economies, like the EU, could impose their own steel restrictions to protect their markets.
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What are the potential consequences of a global trade war triggered by President Donald Trump's decision to hit imports of steel, aluminum and other products with steep tariffs? Economists warn the measures themselves raise costs of inputs for goods produced in the U.S., and increase prices of imports to consumers. But the consequences could be more far-reaching as other countries retaliate, hitting the U.S. and global economies.unilateral decision to impose import tariffs of 25 percent on steel and 10 percent on aluminum is nearly certain to prompt U.S. trading partners to retaliate, and file a trade dispute with the World Trade Organization.Is it good for the U.S.?U.S. agricultural groups deplored the new protectionist measures, pointing out that by wanting to protect steel and aluminum producers, Trump opened the way to reprisals that would severely affect other sectors such as agriculture.
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