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Trump’s Steel and Aluminum Tariffs Trigger Global Retaliation

The U.S. imposes 25% tariffs on steel and aluminum imports, prompting countermeasures from the European Union and concerns about economic fallout.

U.S. President Donald Trump delivers remarks during a Business Roundtable event in Washington, D.C., U.S., March 11, 2025. REUTERS/Kevin Lamarque
FILE - President Donald Trump walks from the Oval Office to depart on Marine One on the South Lawn of the White House in Washington, Feb. 28, 2025. (AP Photo/Ben Curtis, File)
Traders work on the floor of the New York Stock Exchange.
A trader works on the floor of the New York Stock Exchange, Tuesday, March 11, 2025. (AP Photo/Richard Drew)

Overview

  • The European Union has announced $28 billion in retaliatory tariffs targeting U.S. goods, with a focus on products from Republican-led states, effective April 1.
  • Trump's tariffs are expected to increase costs for U.S. consumers on products like vehicles, home appliances, and construction materials, with potential price hikes of up to $1,500 for cars.
  • Global markets, including the S&P 500, have experienced declines as fears of a broader trade war grow, with allied nations like Canada and Australia voicing strong opposition.
  • The tariffs are projected to impact $150 billion worth of imported goods, with Canada, Mexico, and the EU being major exporters of steel and aluminum to the U.S.
  • Experts warn of potential job losses in industries reliant on steel and aluminum, while retaliatory measures could disrupt supply chains and global trade relationships.