Trump's 25% tariff increase on all steel, aluminum imports takes effect, prompting retaliation from Europe
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President Donald Trump’s 25% tariff increase on all steel and aluminum imports officially took effect on Wednesday, the latest move in the administration’s plans to reshape global trade norms in favor of U.S. manufacturing. Trump's action to bulk up protections for American steel and aluminum producers restores effective global tariffs of 25% on all imports of the metals and extends the duties to hundreds of downstream products made from the metals, from nuts and bolts to bulldozer blades and soda cans.The run-up to the tariff deadline came with some drama on Tuesday as Trump threatened Canada with doubling the duty to 50% on its steel and aluminum exports to the U.S. He backed off those plans after Ontario Premier Doug Ford agreed to suspend his province's decision to impose a 25% surcharge on electricity exports to the states of Minnesota, Michigan and New York until earlier U.S. tariffs were removed.CLICK HERE TO GET FOX BUSINESS ON THE GOThis is a developing story. Check back for updates. Reuters contributed to this report. Weiter zum vollständigen Artikel bei FOX Business
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Quelle: FOX Business
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