- US imposes tariffs on all steel and aluminum imports, sparking global trade tensions.
- European Union, Canada, and other trading partners announce retaliatory measures.
- Markets react with uncertainty as concerns grow over economic fallout and rising costs.
Tariffs on all steel and aluminum imports into the United States have officially taken effect, escalating the global trade war initiated by President Donald Trump.
The new levies, which impose a 25 percent duty on steel and an increased 10 percent tariff on aluminum, apply universally without exceptions. As exemptions, duty-free quotas, and product exclusions expired, several trading partners swiftly voiced objections, with some announcing immediate retaliatory measures.
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The tariffs extend beyond general imports, with separate duties imposed on Canada, Mexico, and China. Additional levies on imports from the European Union, Brazil, and South Korea are set to begin on April 2 under Trump’s “reciprocal” tariff strategy.
Trump has defended the move, arguing that it will revitalize the U.S. metals industry and create jobs. However, the policy has triggered market instability, fueling concerns about an economic slowdown and potential price hikes for consumers.
The European Commission swiftly responded by announcing counter-tariffs on $28 billion worth of U.S. goods, set to roll out in two phases and fully implemented by April 13. Commission President Ursula von der Leyen warned that Trump’s tariff policies threaten Western economic unity, though she reaffirmed the EU’s openness to negotiations.
Canada, the largest supplier of steel and aluminum to the U.S., is weighing reciprocal measures, while British Business and Trade Secretary Jonathan Reynolds said “all options were on the table” for a response.
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Australian Prime Minister Anthony Albanese condemned the tariffs as “entirely unjustified” and contrary to the spirit of U.S.-Australia relations but ruled out retaliatory duties.
Meanwhile, two major South Korean steelmakers have indicated plans to invest in U.S.-based facilities, reinforcing Trump’s argument that his tariffs are attracting foreign investment.
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