CNN Business
Elizabeth Buchwald
12 March 2025
President Donald Trump imposed sweeping 25% tariffs on all steel and aluminium imported into the United States Wednesday, a policy aimed at leveling the playing field for US manufacturing but 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 plan aimed at correcting perceived trade imbalances and reigniting domestic industry. But it risks igniting a global trade war. The European Union, hit for the first time by higher US tariffs since Trump returned to the White House, retaliated within hours with countermeasures on US goods exports. And later Wednesday, Canada announced over $20 billion in retaliatory measures as well.
