‘They’re tearing their hair out' - Business leaders, consumers uneasy as trade war escalates
NEW YORK (Gray Media) - The trade war escalated with American allies Wednesday. After President Trump’s 25 percent tariffs on all steel and aluminum imports went into effect at midnight, Canada and the European Union responded with levies of their own.
“Whatever they charge us, we’re charging them. Nobody can complain about that,” said President Trump.
The president is not backing down from his trade tactic, as he argues Canada and the European Union have taken advantage of the U.S. with trade barriers of their own over the years.
“European Union’s been very tough. And it’s our turn…we get a turn at that also. But they have not been fair,” said President Trump.
The levies came after President Trump threatened to escalate the trade war further Tuesday with 50 percent tariffs on Canadian steel and aluminum after a Canadian official promised a surcharge on energy being used in the U.S. The two sides eventually backed down at the end of yet another turbulent day for geopolitics and the stock market.
“It’s sowed a lot of uncertainty and confusion,” said Rita McGrath, who teaches executive education at Columbia University.
She says business leaders do not like the daily unpredictability of the trade war. Despite the president’s plan to bolster manufacturing and force investment in the US, she says the current pain is cause for concern and tough to swallow for many.
“They’re attempting to be as peaceable as possible with the current istration. But, you know, if you get them in a quiet moment, they’re tearing their hair out,” said McGrath.
And for the average American, the concern is also growing as they fear higher prices and see read in the stock portfolios.
“I think you’re going to see a lot more consumer rage, basically, because, you know, they elected the guy to to lower prices. And that is absolutely not going to happen,” said McGrath.
Another slate of tariffs on the EU, Canada, Mexico, and China are slated to go into effect April 2. Much of the European retaliation will also go into effect in April.
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