Brief by Shorts91NewsDesk / 04:04am on 13 Mar 2025,Thursday Business
President Donald Trump's 25% tariffs on all U.S. steel and aluminum imports took effect on March 12, 2025, aiming to protect domestic industries. In response, the European Union plans to impose tariffs on up to €26 billion of U.S. exports, while Canada announced C$29.8 billion in retaliatory tariffs, targeting metals, computers, and sports equipment. Canada's Finance Minister, Dominic LeBlanc, stated, "We will not stand idly by while our iconic steel and aluminum industries are being unfairly targeted." The escalating trade tensions have unsettled markets, with investors fearing a potential recession. Trump has threatened further tariffs if the EU proceeds with its countermeasures, stating, "Whatever they charge us, we're charging them."
