Wed, 12 Mar 2025

Wed, 12 Mar 2025 Trade war escalates as Trump metal tariffs take effect

Duty on steel and aluminium imports is a major hit for some of the US's top trading partners.

* The US has implemented tariffs on imported steel and aluminum, effective immediately.
* A 25% duty will be imposed on all steel and aluminum entering the country, ending exemptions for other countries.
* Canada, Mexico, Brazil, Australia, and the European Union have expressed opposition to the tariffs.
* Several industries in the US, including aerospace and automotive, may face higher costs due to the tariffs.
* Economists warn that the tariffs could boost domestic production but harm the broader economy by increasing prices for consumers.
* Some countries, such as Canada and the EU, have threatened retaliation against the US over the tariffs.
* The UK and Australia have sought exemptions from the tariffs without success.
* President Trump's administration has stated that it will not grant exclusions or exemptions to other countries.
* Global stock markets have been affected by the tariffs, with the S&P 500 index falling 0.7% on Tuesday.
* Economists have lowered their forecasts for US economic growth due to uncertainty surrounding the tariffs.
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