US Tariffs Trigger Global Trade Tensions: EU and Canada Retaliate

The United States' imposition of tariffs on steel and aluminum imports has sparked a global trade dispute, with the European Union and Canada announcing retaliatory measures. Effective Wednesday, the U.S. levied a 25% tariff on steel and aluminum, impacting various countries including Australia, Canada, the EU, and the UK. In response, the European Commission declared tariffs on US$28 billion worth of U.S. goods imported into Europe, such as boats, motorbikes, and alcohol, starting in April. European Commission President Ursula von der Leyen expressed deep regret over the U.S. tariffs, stating they are detrimental to businesses and consumers, potentially leading to price increases and job losses. Canada announced reciprocal tariffs of 25% on steel products and increased taxes on items like tools, computers, and sports equipment. Canadian Finance Minister Dominic LeBlanc stated these tariffs would affect an additional C$29.8 billion worth of goods imported from the U.S. These retaliatory measures are expected to cost companies billions of dollars and escalate uncertainty in major trade partnerships, potentially leading to higher prices for consumers.