A senior member of British Prime Minister Theresa May's Cabinet has chastised US President Donald Trump for threatening a trade war with the European Union. Cabinet Office Minister David Lidington's comments today on the BBC came after Trump threatened to tax European cars if the EU boosts tariffs on American products in response to the president's plan to boost duties on steel and aluminium. Lidington says "the United States is not taking an advisable course in threatening a trade war," adding that "trade wars don't do anybody any good." Lidington also says Britain's experience shows that protectionism doesn't work.
He says when the UK tried to protect its car industry in the 1960s and '70s "we lost all our export markets" because other countries were more competitive.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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