- Donald Trump signed a decree imposing a 25% import duty on all steel and aluminum imports into the United States, with no exceptions initially stated, although he later suggested potential exceptions for Australia, which has a trade surplus with the U.S.
- The new tariffs, which will take effect on March 4, have sparked immediate concern from European steel industry organizations and officials, with EU leaders, including Ursula von der Leyen and German Chancellor Olaf Scholz, warning of strong and proportionate countermeasures in response to the tariffs.
- Economists have expressed concerns that the import duties could harm the U.S. economy by increasing prices across various industries, particularly as the U.S. heavily relies on aluminum imports, while Trump continues to threaten additional tariffs on other products such as cars and chips.
Source Taxlive
