TRUMP TARIFFS IGNITE GLOBAL FIRESTORM: EU and UK Unleash $28 Billion Fury on US Steel and Aluminum!”

US President Donald Trump has removed all exemptions from his 2018 tariffs on metals and increased the tax on aluminum from 10% – leading to fears of an escalating global trade war.
Donald Trump has slapped 25% tariffs on all steel and aluminum imports as he continues to pursue ‘The Dumbest Trade War in History’.

The president has reiterated his belief that the levies will help create U.S. factory jobs and secure the future of the country’s economy. However, his use of the controversial taxes has sent shockwaves through the financial markets, sparking concerns of a slowdown.
The President has separate tariffs on Canada, Mexico and China, with further plans to also tax imports from the European Union, Brazil and South Korea by charging “reciprocal” rates starting on April 2, reports the Express.

Mr Trump informed CEOs at the Business Roundtable on Tuesday that the tariffs were prompting companies to invest in US factories. And despite the S&P 500 stock index dropping 8% over the past month due to fears of deteriorating growth, Mr Trump remains resolute

He argues that higher tariff rates are beneficial for the economy. Trump took to the podium, remarking: “The higher it goes, the more likely it is they’re going to build. The biggest win is if they move into our country and produce jobs. That’s a bigger win than the tariffs themselves, but the tariffs are going to be throwing off a lot of money to this country.”

After threats on Tuesday to impose a staggering 50% tariff on steel and aluminium imports from Canada, President Trump decided to stick with a 25% tariff when Ontario put the brakes on an electricity surcharge that would have impacted sales to Michigan, Minnesota, and New York.

UK Steel’s director general Gareth Stace described the decision to impose the tariffs on his nation as “hugely disappointing”. He went on: “President Trump must surely recognise that the UK is an ally, not a foe. Our steel sector is not a threat to the US but a partner to key customers, sharing the same values and objectives in addressing global overcapacity and tackling unfair trade.”

The White House has made it public that car behemoths Volvo, Volkswagen, and Honda are eyeing a bigger slice of the American pie and thinking about bulking up their operations stateside. But there’s a catch – they’re staring down the barrel of steeper prices and slimmer profits, which might just pump the brakes on plans for shiny new plants. John Murphy, a top official at the US Chamber of Commerce, said: “If you’re an executive in the boardroom, are you really going to tell your board it’s the time to expand that assembly line?”