All I can say to support Olaf is the last time we had a trade war with the USA was about cheap steel. Bush. The man we went into Iraq with as Allies. And the French didn't. Huh! Didn't do us any good though when it came to Bush imposing tariffs on UK and EU steel. No "special relationship" for the UK then!
Both times the UK as part of the EU won. For as a bloc we, the EU, placed tariffs on US goods in politically sensitive States and the US backed down WITHIN THREE WEEKS and removed its tariffs on imported British (and EU) steel. Outside of the EU we'd have very little hope of a positive outcome and anyone that thinks that the UK has any sort of "special relationship" with the USA vis-a-vis trade is living in cuckoo land.
Be very, very, very clear this "special relationship" with the USA has always been a One Way Street. Suez? Skybolt? Lend-Lease Payments?
That's OK...surely we can rely on the WTO?
You're having a laugh! Read this (from Wikipedia) anyone that thinks WTO Rules cut any ice with the USA when it comes to fair play:
"2002 US Steel Tariff:
On March 5, 2002,
U.S. President George W. Bush placed tariffs on imported
steel. The tariffs took effect March 20 and were lifted by Bush on December 4, 2003. Research shows that the tariffs adversely affected US GDP and employment.
The tariffs ignited international controversy as well. Immediately after they were filed, the
European Union announced that it would impose retaliatory tariffs on the United States, thus risking the start of a major
trade war. To decide whether or not the steel tariffs were fair, a case was filed at the
Dispute Settlement Body of the
World Trade Organization (WTO). Japan, Korea, China, Taiwan, Switzerland, Brazil and others joined with similar cases.
On November 11, 2003, the WTO came out against the steel tariffs, saying that they had not been imposed during a period of import surge—steel imports had actually dropped a bit during 2001 and 2002—and that the tariffs therefore were a violation of America's WTO tariff-rate commitments. The ruling authorized more than $2 billion in sanctions, the largest penalty ever imposed by the WTO against a member state, if the United States did not quickly remove the tariffs.
After receiving the verdict, Bush declared that he would preserve the tariffs. In retaliation, the European Union threatened to counter with tariffs of its own on products ranging from Florida oranges to cars produced in Michigan, with each tariff calculated to likewise hurt the President in a key marginal state. The United States backed down and withdrew the tariffs on December 4 2003."