Stocks sink…More reaction to tariff plan…Analysis sees return of trillion-dollar budget deficits

NEW YORK (AP) — Wall Street is following global markets lower as investors remain concerned that President Donald Trump’s plan to impose tariffs on steel and aluminum imports will lead to retaliation from other countries. Big industrial users of steel and aluminum such as Boeing opened with losses. Steelmakers also opened lower after posting sharp gains yesterday.

GENEVA (AP) — The head of the World Trade Organization says his agency is “clearly concerned” about President Donald Trump’s plan to impose tariffs on imported steel and aluminum and is warning of the potential for escalation. He says a “trade war is in no one’s interests.” A WTO spokesman relayed the comments to The Associated Press in an email just hours after President Donald Trump tweeted that “trade wars are good, and easy to win.”

WASHINGTON (AP) — A Republican senator is blasting President Donald Trump over his comments that trade wars are “easy to win.” Ben Sasse (sas) of Nebraska says “Trade wars are never won. Trade wars are lost by both sides.” In a statement, Sasse says that “kooky 18th century protectionism” will prompt retaliation from other countries and kill American jobs.

WASHINGTON (AP) — A new Washington report warns that trillion-dollar budget deficits are returning next year and that $2 trillion-plus deficits are not far off in the wake of President Donald Trump’s tax cuts and last month’s big budget deal. The analysis by the Committee for a Responsible Federal Budget warns that the separate tax and spending measures, along with increased borrowing costs, promise to add $6 trillion to the nation’s already rapidly rising debt in the coming decade.

ATLANTA (AP) — The CEO of Delta Air Lines says “we are not taking sides” in the national debate over guns despite the company’s decision to cut ties with the National Rifle Association. In an internal memo released by Delta, CEO Ed Bastian says Bastian says: “Our objective in removing any implied affiliation with the NRA was to remove Delta from this debate.” The move backfired. The Georgia legislature responded by eliminating a proposed tax exemption on jet fuel from a broader tax bill that passed yesterday.

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