Business
U.S. Imposes 25% Tariffs on Steel and Aluminum Imports
The U.S. has enforced 25% tariffs on steel and aluminum imports without exemptions, despite opposition from trade partners. The move, initiated by President Donald Trump, is expected to increase production costs in industries like automotive and construction, potentially leading to higher consumer prices.
In response, the European Commission announced retaliatory tariffs beginning April 1, calling the U.S. measures “unjustified.” Canada, which supplies a significant portion of U.S. steel and aluminum, is among the most affected, along with Brazil, Mexico, South Korea, and the UAE. Some Canadian and Mexican products may now face tariffs up to 50% unless they comply with the USMCA.
The tariffs have caused financial market volatility, with Wall Street experiencing declines. While Trump dismissed concerns about an economic downturn, trade tensions remain high. Canada briefly imposed an electricity surcharge on U.S. states but later withdrew it after discussions.
Despite diplomatic efforts from Australia and Japan seeking exemptions, the U.S. has maintained its stance. Australian Prime Minister Anthony Albanese condemned the tariffs but confirmed no retaliatory action.
Trump has also promised additional tariffs from April 2, further escalating trade uncertainties.
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