The following is the famous quote of Donald John Trump, the President of the US: "What separates the winners from the losers is how a person reacts to each new twist of fate." The 45th president of the US has virtually triggered a global trade war through his belligerence and lack of prudence. It is, therefore, quite interesting to note that the US key allies Japan and the EU notified the World Trade Organisation of a wave of retaliatory measures against US tariffs on steel and aluminium. Japan informed the WTO it had the right to impose tariffs on US goods worth 50 billion yen ($451 million) - equivalent to the impact of the US tariffs newly imposed on Japanese metal products.
The European Union has made it clear that it does not for now intend to use the counter-measures, but that the notification leaves all options on the table as a June 1 deadline to stop the US administration's tariffs approaches. US and China have already clashed with each other at the World Trade Organisation (WTO), triggering fears of a global trade war.
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