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U.S. President Donald Trump is making good on his promises to put "American first" through trade protectionism.Trump has temporarily exempted Europe from his newly imposed import duties on steel and aluminum. But his sword of Damocles – high import tariffs – still hangs over Europe. Indeed, he has already pledged to impose tariffs on European cars – targeting, in particular, BMW and Mercedes – to help U.S. car producers, even though this will also hurt American consumers. The EU's house is fragile: It already taxes car imports from the U.S. at 10 percent, compared to the 2.5 percent tariff the U.S. has in place for car imports from the EU.According to an older study by the Canadian economist John Whalley, the disadvantages of agricultural protectionism for developing countries outweigh the benefits of development aid.American farmers also lose out, because they are denied access to the huge European market. This would enable Trump to proclaim victory at home, while raising the European standard of living by freeing Europe's consumers from the yoke of the EU's agricultural protectionism.
End of European Central Bank restraint
Germany’s flawed energy policies
Let the British people decide on Brexit once and for all
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