Why the New U.S. Tariffs on Steel Could Be a Pandora's Box

The spectacle is rather depressing. As my colleague Dan Ikenson has outlined, in isolation Trump's tariffs would not be that economically significant. After all, the EU imposes over 12,500 tariffs of its own, some of which are high. But Trump's use of a "national security" justification and his broader gunboat diplomacy threatens to open a Pandora's Box of global risks and retaliation.