Trade protectionism is nothing new in human history — not even in export-driven Germany, where in the 19th century, then-Chancellor Otto von Bismarck attempted to introduce protective tariffs on wheat imports.

Pushed by a strong farmers' lobby in the parliament, Bismarck's tariffs were intended to curb growing imports of cheap wheat from other European countries — a goal which eventually failed.

Since US President Donald Trump is known for his own, very unique take on history, he didn't hesitate to usher in a new era of protectionism, aiming to shield and isolate the world's largest economy through an aggressive tariff policy.

"Most Western economies owe a large part of their prosperity to free trade," says Carsten Brzeski, chief economist at Dutch bank ING. "That's now being rolled back, and it will take time before we see a new balance."

Brzeski believes it would be foolish to immediately respond to Trump's policy with retaliation, even more so as more than a week after the US president had made his "liberation day" announcement of so-called reciprocal tariffs a clear US strategy has yet to emerge.

"Responding to Trump right now makes little sense. His policies are too erratic for that," Brzeski told DW.

Nevertheless, the European Union has already tested the waters, threatening specific retaliatory tariffs, for........

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