The European Commission has indicated the U.S. could face retaliatory tariffs on $300 billion of global exports due to the section 232 review of American automotive imports. That’s a likely reference to the $287 billion worth of car and parts imports in the 12 months to April 30, of which $56 billion (19%) came from the EU. Should the EU apply equivalent duties, i.e. on $56 billion of products, that would sanction 19% of all U.S. exports to the EU. Aerospace would be a simple target (U.S. aircraft exports to the EU were worth $40 billion in the past 12 months) but may be easy for airline...