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Trump metals tariffs draw swift retaliation from Canada and EU
Financial Express Bengaluru
|March 13, 2025
PRESIDENT DONALD TRUMP'S increased tariffs on all US steel and aluminum imports took effect on Wednesday, stepping up a campaign to reorder global trade in favor of the US and drawing swift retaliation from Canada and Europe.
Trump's action to bulk up protections for American steel and aluminum producers restores effective tariffs of 25% on all imports of the metals and extends the duties to hundreds of downstream products, from nuts and bolts to bulldozer blades and soda cans. US commerce secretary Howard Lutnick said nothing could stop the tariffs and Trump would impose trade protections on copper as well.
Canada, the biggest foreign supplier of steel and aluminum to the United States, announced 25% retaliatory tariffs on goods including steel, aluminum, computers, sports equipment and other products worth C$29.8 billion in total.
Trump's hyper-focus on tariffs since taking office in January has rattled investor, consumer and business confidence in ways that economists worry could cause a US recession and further lag on the global economy.
This story is from the March 13, 2025 edition of Financial Express Bengaluru.
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