President Trump has shown a willingness to fracture the trans-Atlantic alliance with his tariffs and demands for higher military spending.
European leaders have said they would prefer to negotiate. If that fails, their response could go beyond anything they’ve tried before.
China vowed countermeasures and the E.U. promised a unified response, while Britain and Japan refrained from immediate retaliation.
The combination of lower oil prices and higher costs for essential materials like steel pipe threatens to squeeze domestic oil and gas producers.