Chances of a trade war increase on two fronts

Surplus production: Steel tubes in storage in Jinan. China’s steel exports have swelled, prompting a backlash overseas as some countries impose higher tariffs. — Bloomberg

Beijing: China’s export boom goes far beyond the high-tech industries that are in Western crosshairs, leaving Beijing at risk of a backlash from countries that have so far preferred to sit on the trade-war sidelines.

The European Union is poised to slap tariffs on Chinese electric vehicles (EVs) this week, the latest example of rising barriers to global trade. The United States already made a similar move, and Canada may follow suit.