Trump's Tariffs on Steel and Aluminum Trigger Global Trade Tensions
The U.S. imposes 25% tariffs on all steel and aluminum imports, prompting swift retaliation and economic uncertainty.
- President Donald Trump enacted a sweeping 25% tariff on all steel and aluminum imports, reversing a prior threat to double the rate on Canadian imports to 50%.
- Canada, the largest supplier of these metals to the U.S., faced initial tariff hikes but avoided the higher rate after Ontario withdrew a proposed electricity surcharge.
- The European Union announced counter-tariffs on $28 billion worth of U.S. goods, set to take effect in April, while Australia and other U.S. allies expressed dismay over the lack of exemptions.
- Economic analysts warn of potential inflation, rising consumer prices, and a slowdown in global trade as businesses and markets react to the tariff uncertainty.
- The tariffs coincide with other geopolitical developments, including a proposed U.S.-brokered ceasefire in Ukraine and ongoing tensions with China over trade and military activities.
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