Trump launches new trade war, hits allies with steep tariffs and threatens EU

Pressure on Canada and Brazil According to the media outlet, the White House announced this week that it plans to impose a 50% tariff on approximately $20 billion worth of imports from Canada amid disputes over automobiles, dairy products and alcohol. The restrictions could take effect as early as August 19 if Ottawa fails to meet Washington’s demands. Trump also issued an ultimatum to generic drug manufacturers, giving them two years to move production to the United States or face tariffs of up to 100%. At the same time, additional 25% tariffs on imports from Brazil took effect, prompting the…