U.S. Department of Commerce Secretary Wilbur Ross discusses the recently imposed steel and aluminum tariffs and America’s future trade relationships with all nations including the very protectionist European Union.
“Economic security is national security” ~ Secretary Wilbur Ross
Reminder: Regarding ‘European Union (EU) retaliation’, forget it; they won’t.
The protectionist EU hypocrites simply cannot afford to go toe-to-toe with the U.S. on trade. The UK is in the process of formalizing their Brexit terms; the EU (essentially ‘Germany’) needs to find a way to make up for the lost revenue (billions in taxes) from the UK economy. Currently the UK pays Brussels approximately a billion per month on a $2.5 trillion economy; that will stop.
Brexit reduces the overall EU GDP by $2.5 trillion. German Chancellor Angela Merkel cannot -and will not- challenge President Trump. In addition to being politically weak, Merkel has attached her economy to expansive environmental regulations (Paris treaty), though she is now attempting to pale down those regulations. Chancellor Merkel cannot afford to run the risk of losing any access to the U.S. market.