Trump metals tariffs draw swift retaliation from Canada and EU
Financial Express Chennai
|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 Chennai.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Financial Express Chennai
Financial Express Chennai
Unsold homes rise 4% in 2025
UNSOLD HOUSING UNITS rose 4% to nearly 577,000 units last year across 7 major cities as supply of new homes exceeded demand, according to Anarock.
1 min
January 05, 2026
Financial Express Chennai
'Tax hike raises tobacco smuggling risk'
AN UNPRECEDENTED TAX hike, coupled with a new excise duty structure on tobacco, could lead to a surge in illicit trade of cigarettes and result in significant tax revenue losses for the country, experts said.
1 min
January 05, 2026
Financial Express Chennai
Govt likely to introduce Seed Bill in Budget session
TO ENSURE QUALITY and traceability while curbing spurious sales, the government is likely to introduce the Seed Bill in Parliament in the forthcoming budget session, an agriculture ministry official said on Sunday.
1 min
January 05, 2026
Financial Express Chennai
'Expect top line to grow 70-80% in FY26'
After a year spent regaining momentum following a regulatory freeze, Cashfree Payments is starting to see payoffs from investments it made earlier, particularly in cross-border payments.
1 mins
January 05, 2026
Financial Express Chennai
Romance, mediated by AI
THE RESPONSES CAME quick, but polished.
2 mins
January 05, 2026
Financial Express Chennai
Maduro sits in US custody, loyalists defiant
VENEZUELA'S TOPPLED LEADER Nicolas Maduro was in a New York detention center on Sunday awaiting drug charges after President Donald Trump ordered an audacious raid to capture him, saying the US would take control of the oil-producing nation.
1 mins
January 05, 2026
Financial Express Chennai
OPEC+ keeps output steady
OPEC+ KEPT OIL output unchanged on Sunday after a quick meeting that avoided discussion of the political crises affecting several of the producer group's members.
1 min
January 05, 2026
Financial Express Chennai
Without reforms, 2026 could be another damp squib for equities
GLOBAL HEADWINDS
2 mins
January 05, 2026
Financial Express Chennai
IT results may underline resilience, not recovery
LARGE-CAP DOMESTIC
1 min
January 05, 2026
Financial Express Chennai
India Inc ...
AT TATA SONS, Chairman N Chandrasekaran in his New Year message to employees, reiterated the group's focus on adopting AI across functions to improve execution, signalling that AI is now viewed as an enterprise-wide lever rather than an experimental tool.
1 min
January 05, 2026
Listen
Translate
Change font size