EU retaliates as 25% steel, aluminum tariffs take effect.
US President Trump’s tariffs are reshaping US trade policy and overhauling decades of free-trade agreements with friend and foe alike.
Steel and aluminum: A 25% US tariff on imports of steel and aluminum from all countries took effect on Wednesday, March 11. Trump threatened to raise that tariff to 50% for Canadian imports of the metals, but reconsidered after Canada suspended a new tax on US-bound electricity and the countries made plans for new trade talks.
European Union: The EU has responded to those metals duties with counter-tariffs on $28 billion in US goods from April, bringing Trump’s trade war across the Atlantic. Trump has threatened targeted tariffs on the bloc of European countries.
Canada and Mexico: Trump’s 25% across-the-board tariffs on its US neighbors went into effect on Tuesday, March 4. Just two days later, Trump confirmed the US would pause tariffs on goods and services compliant with the United States-Mexico-Canada Agreement (USMCA) until April 2. However, Trump said late last week that he could impose reciprocal tariffs on Canadian lumber and dairy products soon.
Source: FINANCE.YAHOO