In this morning's "What Now?!" update, the European Union will impose counter tariffs on €26 billion worth of US goods from next month.
Announcing the decision yesterday, the European Commission was responding to blanket US tariffs on steel and aluminium. The US administration went ahead with the tariffs despite a flurry of last-minute lobbying from powerful corporate US stakeholders, who have warned that tariffs would imperil tens of thousands of US jobs while raising prices for Americans already feeling their household budgets squeezed.
Meanwhile, the markets continue to respond. Yesterday's falls are described by Associated Press as "erratic and dizzying."
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