The US duties in steel and aluminum elicit rapid retaliation from its major trading partners.
Tariffs have been enforced on all steel and aluminum imports into the United States, furthering the global trade war caused by President Donald Trump.
Trump’s tariffs on metal imports came into effect Wednesday, imposing a 25% obligation “without exceptions or exemptions.” The trading partners quickly expressed objection, and some announced retaliation quickly.
Duties arose as exemptions, tax exemption quotas and product exclusions expired. Additionally, the aluminum obligation has been raised from 10%.
Other tariffs are being collected in Canada, Mexico and China, and there are plans to tax imports from the European Union, Brazil and South Korea from April 2nd by charging “mutual” fees.
Trump claims that taxes support the US metals sector and create jobs. But his appearance tariff threats have shook the market, raised fears of an economic slowdown and threatened to raise consumer prices.
The European Commission responded almost immediately when tariffs came, and announced its anti-duty on US goods worth 26 billion euros ($28 billion) starting next month.
“This is consistent with the economic scope of US tariffs,” European Commission President Ursula von der Leyen said in a statement, adding that the administration will be imposed in two stages and will be fully implemented by April 13th.
The EU executive head also reiterated the Bullock’s belief that Trump’s push to overturn global trade norms would damage Western unity in the face of growing challenges.
“We’re always open to negotiations,” she said. “We firmly believe that in a world filled with geopolitical and economic uncertainty, it is not our common interest to burden tariffs on our economy.”
Canada, the largest foreign supplier of steel and aluminum for the US, said it is considering mutual action.
“All options were on the table,” said British business and trade secretary Jonathan Reynolds.
In Australia, Prime Minister Anthony Albanese has accused the move of “totally unjust…and against the spirit of enduring friendship between our countries,” but excluded Tat for Tatt’s obligations.
Meanwhile, two major South Korean steelmakers announced they were considering investing in new US facilities, supporting Trump’s claim that his tariffs encourage foreign investment in the country.
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