US Tariffs on Steel and Aluminum Escalate Global Trade War

The United States has implemented new tariffs on steel and aluminum imports, further intensifying the global trade war initiated by President Donald Trump. As of Wednesday, all metal imports are now subject to a 25% tariff with no exemptions, and the duty on aluminum has increased from 10%. The expiration of previous exemptions, duty-free quotas, and product exclusions has led to immediate reactions from key trading partners, many of whom have vowed to retaliate.

Additional tariffs specifically targeting Canada, Mexico, and China have also been enforced, with plans to impose reciprocal duties on imports from the European Union, Brazil, and South Korea starting April 2. Trump argues that these measures will bolster the US metals industry and generate jobs. However, the uncertainty surrounding his shifting tariff policies has unsettled financial markets, heightened concerns about an economic slowdown, and raised the prospect of increased costs for consumers.

The European Commission swiftly responded by announcing countermeasures on $28 billion worth of US goods, with full implementation set for April 13. European Commission President Ursula von der Leyen emphasized that these retaliatory tariffs would match the economic impact of the US measures. She also criticized Trump's strategy, warning that disrupting global trade norms undermines Western cohesion at a time of rising geopolitical and economic challenges.

Other nations have also condemned the move. Canada, the largest foreign supplier of steel and aluminum to the US, is exploring reciprocal countermeasures. British Business and Trade Secretary Jonathan Reynolds stated that the UK is considering all available options in response. Australian Prime Minister Anthony Albanese denounced the tariffs as unjustified and harmful to diplomatic ties but ruled out retaliatory measures.

Amid the growing tensions, two major South Korean steel producers have announced potential investments in US manufacturing facilities, lending some support to Trump’s assertion that his tariff policies encourage foreign investment in the country.