Overview

• The new tariffs, effective Wednesday, impose a 25% duty on all steel and aluminum imports to the U.S., reversing exemptions granted during Trump's first term.
• Canada, the largest supplier of these metals to the U.S., narrowly avoided a threatened 50% tariff after Ontario paused surcharges on electricity exports to U.S. states.
• The tariffs have been criticized by allies like Australia and Canada, with Australian Prime Minister Anthony Albanese labeling them as economically harmful and unjustified.
• U.S. industries reliant on steel and aluminum, including automotive and construction, are bracing for higher costs, with domestic metal prices already seeing significant increases.
• Canadian and Australian producers are exploring alternative markets and strategies to mitigate the economic impact, while some U.S. allies consider retaliatory measures.