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Trade wars produce no victors

Misguided US protectionism risks sinking the global economy again

Harley-Davidson is moving some motorcycle production outside the U.S. as retaliatory European Union duties make domestic production less profitable.    © Reuters

TOKYO -- With the U.S. and China slapping tariffs on each other's goods, the world's two largest economies have started a trade war that history teaches us will have no winner.

Both sides let loose on $34 billion worth of imports on Friday The U.S. is now preparing additional tariffs, with China ready to take further countermeasures. The European Union has retaliated against U.S. whiskey and motorcycles last month in response to President Donald Trump's aluminum and steel duties.

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