An exceedingly eager President Trump wants to launch his steel-and-aluminum salvo tomorrow, and Europe is threatening to clamp down on U.S. steel imports that get steered across the Atlantic. Not to mention on the sale of peanut butter, cranberries, orange juice, bed sheets, chewing tobacco and more.
Why it matters: Europe is starting out its threatened retaliation gingerly, affecting only a few billion dollars worth of American goods. But all manner of wars begin gingerly, only to migrate quickly out of control due to factors no one anticipated. At the low end, the cost could be hundreds of jobs, but the industries under discussion employ millions.