How a trade war can quickly spiral out of control
CNN
It started with tariffs, but the trade war is quickly escalating beyond import taxes into a broader tit-for-tat battle.
It started with tariffs, but the trade war is quickly escalating beyond import taxes into a broader tit-for-tat battle. President Donald Trump’s 25% tariffs on Canada offended leaders there to the point that Ontario fired back by yanking American booze from store shelves. Ontario Premier Doug Ford even threatened to slap a surcharge on or even pull the plug on electricity sent to three US states, raising the specter of power bill spikes or even blackouts. That angered Trump so much that he briefly vowed to hit all US imports of Canadian steel and aluminum with 50% tariffs, before cooler heads prevailed. It’s easy to see how this trade war can quickly get out of hand. If world leaders aren’t careful, they can get stuck in an escalatory cycle that’s hard to escape. “This game has exploded into other areas,” said Mary Lovely, senior fellow at the Peterson Institute for International Economics.
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