Trump Escalates Trade War with EU Tariff Threats

President Donald Trump has threatened to escalate the ongoing trade war by imposing additional tariffs in response to retaliatory measures from the European Union (EU) and Canada. Following the implementation of a 25% tariff on steel and aluminum imports, Trump indicated he would reciprocate with tariffs on EU goods if they proceed with their planned countermeasures. The EU has announced a €26 billion package of tariffs targeting U.S. food and agricultural products, which could lead to increased prices for American consumers. Canadian officials have also retaliated with a 25% tax on a range of U.S. goods worth $20 billion. Market analysts express concern that these escalating trade tensions could contribute to a potential recession, as consumer confidence and prices are affected. As the situation unfolds, consumers should brace for higher costs on imported goods and the possibility of further trade disruptions.