Why be afraid of a trade war?

Before you dismiss such a question, you better read Tariffs For Survival Or Profits For Multinationals. The arguments used are even more valid after a year and a half. President George W Bush has proven he is a bigger whimp than his father. The reversal on his effective relief for the steel industry is a decision made by a man who capitulates to the real terrorists. Just savor the joy coming from the other side of the pond. "We in Europe, by standing together, by using the World Trade Organization and saying 'we're going to uphold the rules of world trade,' we've played our hand very, very effectively indeed." -- British Trade Secretary Patricia Hewitt, on SKY TV News. 

Read the entire article