The U.S. government has decided to apply section 232 duties on steel and aluminum imports from the EU, Canada and Mexico. Acting against the EU is not a surprise given the recent deterioration in trade-relations. The move will, however, disrupt ongoing NAFTA negotiations and leaves $23 billion of exports to the EU and NAFTA open to retaliatory duties. Indeed with only four countries having been given an exemption total imports worth $41 billion in the 12 months to March 31 – equivalent to 2.6% of all U.S. exports – could be targeted. The EU had already defined a list of products led by w...