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With the president's announcement of new aluminum and steel tariffs, the question is whether the U.S. is declaring a trade war. To be sure, we’re still waiting for the specifics, but it’s reported the president does not want to exempt any country – whether they're an ally or not. So how might they respond or retaliate? We’ve learned from past history that a whole lot of U.S. sectors could very well be in the cross-hairs.

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Follow Scott Tong at @tongscott