Trump's Tariffs Shake Global Markets and Strain Alliances

The U.S. imposes sweeping tariffs on steel and aluminum imports, prompting backlash from allies and concerns over economic fallout.

President Donald Trump has implemented a 25% tariff on steel and aluminum imports, affecting allies like Canada and Australia, with no exemptions granted.
The tariffs have triggered sharp declines in financial markets, with the S&P 500 and Dow Jones experiencing significant losses as businesses and investors grapple with uncertainty.
Australian Prime Minister Anthony Albanese criticized the tariffs as 'unjustified' and harmful to U.S.-Australia relations but ruled out retaliatory trade measures to avoid further economic strain.
Canadian officials, including Energy Minister Jonathan Wilkinson, called for the removal of all tariffs and emphasized the mutual economic harm caused by the escalating trade measures.
Republican senators expressed growing unease over the economic turbulence and urged the administration to resolve trade disputes swiftly to prevent long-term damage.