The 25% tariffs imposed by US President Donald Trump on steel and aluminum imports officially came into effect on Wednesday, prompting a retaliatory response from the European Union (EU).
The White House confirmed the implementation of these tariffs late Tuesday, stating they would apply to Canada, Australia, EU, and other nations. However, Trump clarified that he no longer intends to raise tariffs on metals imported from Canada to 50%.
These tariffs are part of Trump’s broader strategy to erect substantial barriers around the US economy; steps he considered necessary to rebalance the global trading system.
The EU, in response, announcing swift countermeasures, declared plans to impose tariffs on US goods worth €26 billion (approximately $28.33 billion), starting in April, in an effort to protect European companies, workers, and consumers from what it described as unjustified trade restrictions.
This latest escalation marks a significant development in the ongoing trade war, which has rattled global markets in recent days amid growing fears that such tariffs could push the world’s largest economies toward recession.
The 25% tariffs imposed by US President Donald Trump on steel and aluminum imports officially came into effect on Wednesday, prompting a retaliatory response from the European Union (EU).
The White House confirmed the implementation of these tariffs late Tuesday, stating they would apply to Canada, Australia, EU, and other nations. However, Trump clarified that he no longer intends to raise tariffs on metals imported from Canada to 50%.
These tariffs are part of Trump’s broader strategy to erect substantial barriers around the US economy; steps he considered necessary to rebalance the global trading system.
The EU, in response, announcing swift countermeasures, declared plans to impose tariffs on US goods worth €26 billion (approximately $28.33 billion), starting in April, in an effort to protect European companies, workers, and consumers from what it described as unjustified trade restrictions.
This latest escalation marks a significant development in the ongoing trade war, which has rattled global markets in recent days amid growing fears that such tariffs could push the world’s largest economies toward recession.
