Steel yourself: Trump's trade war

① Trade-watchers will be nervously awaiting details this week of promised tariffs of 25% on imported steel and 10% on aluminium.

② When George W. Bush imposed them on steel in 2002, Canada and Mexico were exempt.

③ This time, Donald Trump wants to hit everyone, implying restrictions on $50bn, or 2%, of America's imports.

④ Sure, that might generate a handful of photocall-friendly jobs in American metal-making.

⑤ But it will make American cars, washing machines and fridges more expensive, and other American companies will suffer from inevitable retaliation.

⑥ The European Union has pulled out its list of products ripe for duties should Mr Trump's wishes become reality, including Kentucky bourbon and Harley Davidson motorcycles from Wisconsin—the respective home states of the Republican leaders of the Senate and the House of Representatives.

⑦ Mr Trump has promised to retaliate with tariffs on European cars, and American law may not hold him back.

⑧ But make no mistake: in trade wars, everyone loses.

▍生词好句

steel /stiːl/: vt. 做好（心理）准备

await /əweɪt/: vt. 等待

tariff /ˈtarɪf/: n. 关税

exempt /ɪɡˈzɛm(p)t, ɛɡˈzɛm(p)t/: adj./vt. 豁免/免除（的）

photocall /ˈfəʊtəʊkɔːl/: n. 摆拍

retaliation /rɪˌtalɪˈeɪʃn/: n. 报复

(be) ripe for /raɪp/: 准备好了

duty /ˈdjuːti/: n. 关税

bourbon /ˈbəːb(ə)n/: n. 波旁威士忌酒

respective /rɪˈspɛktɪv/: adj. 分别的；各自的

retaliate /rɪˈtalɪeɪt/: vi. 报复