To many in Europe, what's happening now - with the trade dispute coming on the heels of America's withdrawal from the Iran nuclear agreement and Paris climate agreement, as well as Trump's unilateral decision to recognize Jerusalem as the capital of Israel - represents a more fundamental break.
"The most likely outcome ... could be protracted negotiations during which both the U.S. and the European Union lock horns but do not take ever more dramatic headline-grabbing protectionist steps", Schmieding said.
That's how the European Commission's president Jean-Claude Juncker reacted to US steel and aluminum tariffs on the EU.
Public companies may feel pressure from shareholders who would expect them to fight the USA government in court and get an injunction, he said in an interview.
U.S. Chamber of Commerce President Tom Donohue warned in a letter to the body's board, and seen by Reuters, that current trade policies could threaten "economic progress" and cause the loss of more than 2 million jobs, mostly in states that voted for Trump and Republican candidates.
The European Union is seeking exemptions on the steel tariffs, and has threatened retaliatory moves.
The EU plans to tax things like whiskey and Harley motorcycles as it strikes back at the US. "We are expecting everybody to play by the rules".
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The tariffs, set to take effect at midnight, happened to coincide with the Cansec trade show, in which numerous world's largest defence companies descend on Ottawa each year to pitch their wares to government.
Trump castigated Canada in a tweet on Friday morning, saying it had treated U.S. farmers "very poorly for a very long period of time".
And British Prime Minister Theresa May said Friday that she was "deeply disappointed at the unjustified decision". In the case of aluminum and steel, Trump is invoking a seldom-used clause of a 1962 law that gives him the authority to curb imports if they undermine national security.
The U.S. action widens a rift with America's closest allies, threatens to drive up prices for companies and consumers that buy steel and aluminum, heightens uncertainty for businesses and is already alarming investors in global financial markets.
U.S. Commerce Secretary Wilbur Ross is leaving Friday for Beijing for talks aimed at preventing a trade war with China.
In a March 2 Twitter post, he declared trade wars "good, and easy to win", though later he denied the USA and China are in one.
"This will only lead to the victory of those who want less growth, those who don't think we can develop our economies across the world".
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"We have a huge problem with the American government, with the White House", Moisi said.
Even some Trump allies in Congress said the trade moves were misguided.
"This is a catastrophic blow to the sector and steel workers across the country", she said.
Tariffs on steel and aluminum imports to the US can help local producers of the metals by making foreign products more expensive. "They report a really high surplus on trade with us", he wrote. "That is exactly what happened in the 30s", Macron said.
"Unilateral responses and threats over trade war will solve nothing of the serious imbalances in world trade".
In a clear reference to Trump, Macron added: "These solutions might bring symbolic satisfaction in the short term".
"Our steel and aluminium industries are hugely important to the United Kingdom, but they also contribute to U.S. industry including in defence projects which bolster USA national security", she said. But German Economy Minister Peter Altmaier insisted the Europeans were ready to negotiate special trade arrangements, notably for liquefied natural gas and industrial goods, including cars.
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I love this club very much and I am grateful for everything. "I thank him for the work he has done". But the team needs another methodology and that is why I have made this decision.