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Trump readies reciprocal tariffs as global trade war fears mount
Financial Express Hyderabad
|February 13, 2025
Donald Trump's trade advisers were finalizing plans on Wednesday for the reciprocal tariffs the US president has vowed to impose on every country that charges duties on US imports, ratcheting up fears of a widening global trade war.
Separately, trade ministers of the 27-country European Union were due to meet later by videoconference to determine their response after European Commission president Ursula von der Leyen said tariff moves against the bloc "will not go unanswered".
Trump stunned markets with his decision on Monday to impose tariffs on all steel and aluminum imports beginning on March 12. The plans drew condemnation from Mexico, Canada and the European Union, while Japan and Australia said they were seeking exemptions from the duties.
The news sent industries reliant on steel and aluminum imports scrambling to offset an expected jump in costs.
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