FT News Briefing The Trump trade war begins
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Feb 3, 2025 Heavy tariffs on imports from Canada, Mexico, and China signal a new era of U.S. trade protectionism. The move could lead to rising consumer prices and provoke retaliatory actions. Meanwhile, the oil and gas industry's reliance on carbon credits raises questions about true environmental accountability. On another front, European governments are considering expanding defense collaborations with the UK and Norway amidst shifting geopolitical dynamics.
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Trade War Risks
- Trump's tariffs target Canada, Mexico, and China, aiming to address trade deficits and issues like fentanyl.
- These tariffs risk raising prices for American consumers and sparking retaliatory actions, escalating into a trade war.
Impact on Canada and Mexico
- Mexico and Canada, heavily reliant on US trade, face potential recession due to the tariffs.
- Both countries might coordinate retaliatory tariffs, impacting US sectors like cars, agriculture, and energy.
EU Defense Coalition
- The EU seeks to include the UK and Norway in a defense coalition to increase military capabilities.
- This comes amid pressure to boost European security spending, driven by Russia's war and Trump's demands.