Steel coils are depicted in the garden of steel maker Ternium plant.
Daniel Beckelil | Reuters
A 25% tariff on US President Donald Trump’s imports of steel and aluminum came into effect Wednesday, resulting in a rapid anti-measurement from the European Union.
The White House confirmed missions that affect Canada, Australia, the EU and others late Tuesday, but said Trump is no longer planning to raise metal tariffs from Canada to 50%.
The European Union responded quickly and said it would impose 26 billion euros rebellion ($28.3 billion) Correlations of US products starting in April. The Commission said in a statement that the anti-measurement is designed to “protect European businesses, workers and consumers from the effects of these unfair trade restrictions.”
Two extended approaches in the EU will see a number of new measures on the 18 billion euro commodity, which has previously been suspended tariffs will be reimposed on US exports of 8 billion euros, and European Commission President Ursula von del Reyen is said to be “strong but proportionate.”
“We will always remain open to negotiations.” She added in the statement.
TAT Action’s TIT shows the latest developments in a simmering trade war that has been marked by Trump’s bold promise of tariffs and subsequent reversals and delays.
Trade tensions have recently collided with the market amid growing concern that the job could push the world’s biggest economy towards a recession.
Trump’s tariffs also sparked criticism from Australia.
Australian Prime Minister Anthony Albanese said Trump’s move to impose tariffs on metals was “absolutely unfair.”
“It opposes the spirit of enduring friendship in our two countries and is fundamentally in conflict with the benefits our economic partnership has provided for over 70 years,” he said. I said at a press conference.
Albanese added that Australia will not impose mutual tariffs on US imports as it will help inflate prices for Australian consumers.
Canada’s reversal
Peter Navarro, trade advisor at the top White House On Tuesday, Trump told CNBC that he no longer plans to raise tariffs on Canada’s steel and aluminum imports to 50%.
The US president said that Canada’s Ontario had planned to double the import duties on the country’s metals following the decision to slap a 25% tax on electricity exports to the United States.
Ontario Prime Minister Doug Ford said the additional fees have been suspended. Navarro showed why the planned 50% tariff was scrapped.
Tensions between neighboring countries have hit new highs in recent weeks, True Social Post With Trump on Tuesday, he repeated Canada to become the “first state of the 50” of the United States
