What happens if the U.S. enters a trade war over proposed steel and aluminum tariffs? Our farmers are in no hurry to find out. There is a very high likelihood that Canada, China and the European Union might impose tariffs on U.S. exports in retaliation. In such a scenario, U.S. exports to foreign countries such as beef, corn, pork, cars and motorcycles are going to be adversely impacted. The tariffs imposed by the Trump administration would cause the U.S. companies that make car, boats, planes, beer and soup to bear the additional cost of steel and aluminum.” And this in turn could spike inflation and have a sweeping ripple effect on other quarters of the economy.
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News Tribune