An escalatory spiral that leads towards Eurasia's 10% 'trade war' scenario, however, would prompt Brussels to deploy escalatory measures, such as "export controls/duties, public procurement curbs, and/or penalties on U.S. services exports" by using the ACI "trade bazooka as a last resort," they concluded.

President Trump’s threat to impose 30% tariffs on the European Union disrupted negotiations. From cars to wine, these are the industries on the line.

U.S. President Donald Trump on Tuesday announced a new 19% tariff rate for goods from the Philippines after what he called a "beautiful visit" by Philippine President Ferdinand Marcos Jr. to the White House,