Both sides had been negotiating furiously in recent weeks, and many observers believed that Trump would, in the end, give the Europeans a break.

Barring a last-minute agreement, the U.S. will announce as soon as tomorrow stiff tariffs on steel and aluminum from the E.U.

It doesn't look as though this will be the case.

Associated Press:

The tariffs are likely to go into effect on the EU with an announcement before Friday's deadline, according to two people familiar with the discussions. The administration's plans could change if the two sides are able to reach a last-minute agreement, said the people, who spoke only on condition of anonymity to discuss internal deliberations. Ross told Le Figaro newspaper that the announcement would come Thursday, likely after markets close. Trump announced in March that the United States would slap a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum, citing national security interests. But he granted an exemption to the EU and other U.S. allies; that reprieve expires Friday. ... If the U.S. moves forward with its tariffs, the EU has threatened to impose retaliatory tariffs on U.S. orange juice, peanut butter and other goods in return. Fears of a global trade war are already weighing on investor confidence and could hinder the global economic upturn. European officials argue that tit-for-tat tariffs will hurt growth on both sides of the Atlantic. French Finance Minister Bruno Le Maire called the U.S. tariffs "unjustified, unjustifiable and dangerous."

Le Maire was also quoted as saying, "Global trade is not a gunfight at the OK Corral," which reveals the French penchant for seeing America in Hollywood terms. If that's the case, he's got the wrong movie. High Noon would be more to the point.

Trump as Gary Cooper protecting ungrateful citizens of a small town from ruthless outlaws is far more apropos. The question is; will Trump get a Hollywood ending?

Trump's reading of the situation is that the E.U. needs the U.S. far more than we need them and that any tit-for-tat tariff battle will make the E.U. cave long before the U.S.

In the meantime, real people in the U.S. will be hurt, the economy will be hurt, and some industries will be damaged. Some nationalists believe it's a small price to pay to level the international trade playing field. I guess we'll find out soon enough.