The EU, a political project conceived to remove trade barriers, has been raising tariff walls at its fastest rate in 15 years. But just as fast as the defences are built against cheap Chinese imports, fresh storms blow the bloc off balance again.
Donald Trump’s threat to impose levies of up to 60 per cent on everything Chinese would, for instance, put an even higher tariff wall around the US than anything the EU has planned.
The effect, if the US president does follow through, would be to divert Chinese goods from the US to the EU — forcing Brussels to in turn consider hitting back with even tougher defensive measures.
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