The World Trade Organization (WTO), earlier today, greenlighted the Donald Trump administration in Washington, DC, United States (US), to impose some $7.5 billion in tariffs on European Union (EU) products to compensate for years of EU subsidies to aircraft giant Airbus. And the Trump administration has already drawn up a list of possible European goods to be taxed, including hams, cheeses and my favorites of Irish whiskeys and Scotch whiskies.
But the final battle in the war over subsidies to national entities before the WTO is far from over since the organization could rule at anytime on an EU complaint against US subsidies to aerospace mega giant Boeing.
Therefore, a series of new tariffs could be coming from both US and EU sides, thus ushering in a dawn of a new era of tariffs that could considerably slow world economic growth and output ahead of a possible global recession.
New numbers released in the US today showed a slowing of economic output. As a result, financial markets retreated for a second day on Wall Street - with the Dow falling by close to 1 000 points in two sessions.
Combined with a feared looming recession in Germany on the European continent, financial troubles in South America, other faltering economies and a continuing US trade war with China, today's American numbers paint anything but a stellar economic outlook. Gird yourselves friends.