U.S. President Donald Trump struck a defiant tone on Friday, saying trade wars were good and easy to win, after his plan to put tariffs on imports of steel and aluminum triggered threats of retaliation from trading partners and a slide in stock markets.
The European Union raised the possibility of taking countermeasures, France said the duties would be unacceptable and China urged Trump to show restraint. Canada, the biggest supplier of steel and aluminum to the United States, said it would retaliate if hit by U.S. tariffs.
U.S. stock indexes recouped some losses on Friday, but were on track to end the week in the red as investors fretted over a possible global trade war. World equity markets slid further and the U.S. dollar dropped to its lowest point in more than two years against the yen.