Trump Can Learn A Lesson From Bush on Trade Wars

Investing.com - President Trump may think trade wars are "easy to win" but in deciding to impose tariffs on steel and aluminum he may want to look at the difficult experience of President George W. Bush a decade ago.In March 2002, Bush enacted tariffs on imported steel for three years, triggering a similar outcry from the nation's largest trading partners, including the E.U., China, Japan and Brazil. The E.U. and others threatened retaliation, with the E.U targeting a host of products that would hurt states deemed critical to Bush's re-election in 2004.The nations also appealed to the World Trade Organization, which ruled in their favor in November 2005, declaring the tariffs illegal and sanctioning the imposition of retaliatory tariffs. One month later, the Bush administration dropped the tariffs, well before they were due to expire, saying the measures had accomplished their intended purpose.