US tries to blame China for job losses

FACING the prospect of a damaging trade war with the European Union and Asia, the White House announced last Friday that it was lifting the tariffs it had imposed on steel imports almost two years ago, 18 months ahead of schedule.

So free trade is restored, protectionism has been abandoned, and foreign exchange markets will no longer be distorted by barriers to trade. If only.

In reality, the US only lifted the steel tariffs because the World Trade Organisation (WTO) ruled they were illegal.