Global trade war escalates as US tariffs on steel, aluminum imports launch
Al Jazeera
US duties on steel and aluminium draw swift retaliation from major trading partners.
Tariffs on all steel and aluminium imports into the United States have come into effect, intensifying the global trade war sparked by President Donald Trump.
Trump’s tariffs on metals imports took effect on Wednesday, levying a 25 percent duty “with no exceptions or exemptions”. Trading partners were quick to express objections, with some swiftly announcing retaliation.
The tariffs came into play as exemptions, duty-free quotas and product exclusions expired. In addition, the duty on aluminium was raised from 10 percent.
Separate tariffs have been levied on Canada, Mexico and China, with plans to tax imports from the European Union, Brazil and South Korea also by charging “reciprocal” rates starting on April 2.
Trump has claimed that the taxes will help the US metals sector and create jobs. However, his seesawing tariff threats are jolting markets, raising fears of an economic slowdown, and threatening to raise prices for consumers.
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