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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.

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)
President of the European Commission Ursula von der Leyen speaks during a debate on urgent decisive steps and unwavering support for Ukraine, as part of a plenary session at the European Parliament, in Strasbourg, eastern France, on March 11, 2025.

Overview

  • 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.