Trump administration’s tariffs spark trade war concerns [Video]

President Donald Trump’s new tariffs on steel and aluminum have sparked concerns of a trade war with other nations promising retaliation.See the story in the video aboveEuropean Union chief Ursula von der Leyen vowed on Tuesday that the tariffs “will not go unanswered,” adding that they will trigger tough countermeasures from the 27-nation bloc. “This is the beginning of making America rich again,” President Donald Trump said while signing the executive order.Experts warn that Americans could ultimately pay the price for these tariffs and subsequent retaliation if the president’s tariffs go into effect on March 12.”We could have a combination of higher inflation in the United States with diminished output,” said Mark Hamrick, from Bankrate.com.An International Trade Commission report indicates that items such as cans, cars, and construction materials could be hardest hit with tariffs on steel and aluminum.”A 25% tariff on Canada-Mexico goods would raise prices of cars that …