'Tit-for-tat' trade war will leave both EU and US 'weaker' and 'poorer'

The value of the US goods trade with the EU is 60% higher than the value of its trade with China. It is also 20% higher than the value of trade between the EU and China

Since retaking the White House, US president Donald Trump has imposed a series of tariffs on the country's closest trading partners. 

A “tit-for-tat” trade war between the US and Europe will leave both regions “weaker, poorer, and less able to address other major challenges” such as geographical tensions and the challenge coming out of China, a new report supported by the American Chamber of Commerce has found.

The report comes amid rising tensions between the EU and the US after president Donald Trump began imposing tariffs on various international trading partners.