Trump's 25% Tariffs on Steel and Aluminum Imports Come Into Effect

U.S. President Donald Trump's 25% tariffs on steel and aluminum imports officially took effect on Wednesday.

Despite worries that these tariffs might cause the U.S. economy to enter a recession, the White House confirmed the implementation of the duties, which will impact Canada and several other countries. Notably, Trump decided not to increase the tariffs on metals imported from Canada to 50% as previously considered.

The Ongoing Trade War

This move is part of the ongoing trade war marked by Trump's strong claims of tariffs followed by reversals and delays. The situation has been fluid, with strategic decisions being made frequently.

In response to the imposition of tariffs by the U.S., the European Union announced plans to implement counter-tariffs on approximately 26 billion euros (about $28.33 billion) worth of American goods starting in April. According to the European Commission, this is intended to safeguard European businesses, workers, and consumers from what they see as unfair trade restrictions.

International Reactions

Australian Prime Minister Anthony Albanese publicly stated that the tariffs imposed by Trump are "entirely unjustified." He expressed that this action goes against the enduring friendship between the U.S. and Australia and conflicts with the economic advantages that both nations have enjoyed over the past 70 years. Just a month prior, Trump hinted at possible exemptions for Australian steel and aluminum exports, showing the complexities of the negotiations.

Albanese mentioned that Australia does not plan to retaliate with its own tariffs on U.S. imports. He voiced concerns that doing so could raise prices for Australian consumers.

This story is still developing and will be updated as events unfold.

tariffs, economy, trade