Trump ramps up tariffs on all imported steel and aluminum
CNN
President Donald Trump imposed a sweeping 25% tariff on all steel and aluminum imported into the United States early Wednesday, a move that threatens to drive up prices on a broad range of consumer and industrial goods for Americans.
President Donald Trump imposed a sweeping 25% tariff on all steel and aluminum imported into the United States on Wednesday, a move that threatens to drive up prices on a broad range of consumer and industrial goods for Americans. It’s the latest salvo in Trump’s multifaceted tariff war aimed at correcting perceived trade imbalances and reigniting domestic manufacturing. Hours before enacting the latest tariffs, Trump reversed a threat to double the rate on steel and aluminum from Canada, the US’s top source of imports for the metals. Instead, steel and aluminum from there will be subject to the 25% levy. “It may go up higher,” Trump said Tuesday of the 25% tariff on all countries’ steel and aluminum sent to the US at an event hosted by the Business Roundtable. “The higher it goes, the more likely it is they’re going to build,” he said, referring to more companies moving their production to the US. Trump backed off his threat to double the steel and aluminum tariff rates for Canada after Ontario Premier Doug Ford agreed to pause surcharges on electricity for US customers. Ford and US Commerce Secretary Howard Lutnick announced they’d meet on Thursday, along with Canadian Finance Minister Dominic LeBlanc, to renegotiate the free trade treaty known as the USMCA.
Just 20 days ago, the US stock market was sitting at all-time highs. The US economy appeared to be growing at a solid pace. And a recession was nowhere in sight.
Stocks markets across Asia sank on Tuesday following mounting fears of a serious economic downturn in the world’s largest economy, as President Donald Trump ramped up a tariff war against its biggest trade partners.
Delta slashed its earnings forecast in a recent SEC filing, saying consumers are anxious due to economic uncertainty. It’s a sign that economic anxiety could be spilling over into domestic travel demand.
Elon Musk’s X has been hit by three waves of outages since this morning, which the billionaire said was due to a cyberattack.
President Donald Trump may have delayed most – though not all – of the tariffs he had imposed on Canada and Mexico, but that hasn’t stopped America’s northern neighbors from responding forcefully in retaliation.
US stock futures fell Monday after President Donald Trump said the US economy would see “a period of transition” and refused to rule out a recession, in an interview that aired Sunday.
President Donald Trump did not totally reverse the 25% tariffs he enacted earlier this month on just about every Mexican and Canadian good shipped to the United States.
Workers and executives in the wind industry are deeply worried as the Trump administration has moved to bring the once-booming business to a standstill.
America’s nearly five-year economic boom is starting to show its age.
A one-day strike by workers at 13 German airports, including the Frankfurt and Munich hubs and all the country’s other main destinations, caused the cancelation of most flights on Monday.
Consumer prices in China have plunged to their lowest level in more than a year, highlighting persistent deflationary pressures in the world’s second-largest economy.
Canada’s next leader is a relative political newcomer, coming instead from a decades-long career in finance where he steered governments through major global crises and periods of upheaval – experience he’s hoping to now leverage as he prepares to take over from Prime Minister Justin Trudeau.
Trump said tariffs on some goods from Canada and Mexico planned for April 2 “could go up” and would not predict whether the United States will have a recession.