Trump's Steel and Aluminum Tariffs Ignite Global Trade Tensions

The U.S. imposes 25% tariffs on steel and aluminum imports, sparking international backlash and fears of economic fallout.

• President Trump announced 25% tariffs on all steel and aluminum imports, ending previous exemptions and citing national security and economic reasons.
• The European Union, Canada, and Hong Kong have condemned the tariffs, with the EU vowing 'firm and proportionate countermeasures' and Canada calling them 'totally unjustified.'
• The U.K. steel industry, already struggling, faces potential risks as the U.S. is its second-largest export market, though it accounts for only 5% of total U.K. steel exports.
• Gold prices surged to record highs as investors sought safe-haven assets, while Chinese steelmakers and other global exporters expressed concerns about profitability and market access.
• Trump has indicated a willingness to negotiate exemptions, with Australia being considered due to its trade surplus with the U.S., though no formal deals have been finalized yet.

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