Photo: AFPBrussels: The European Union warned about the costs of a trans-Atlantic trade war while bracing for one to erupt after the US signalled it will reject the bloc’s demand for an unconditional waiver from metals-import tariffs. “A trade war is a losing game for everybody,” Belgian finance minister Johan Van Overtveldt told reporters in Sofia. “We are asking of everyone: quotas if not tariffs,” commerce secretary Wilbur Ross said on Friday. Forcing governments to limit shipments of goods violates World Trade Organization rules, which prohibit so-called voluntary export restraints. The EU is demanding a permanent, unconditional waiver from the US tariffs.

Source: Mint April 28, 2018 11:37 UTC