Trump threatens more tariffs as EU, Canada retaliate if this happens

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On Wednesday, President Donald Trump threatened to escalate the global trade conflict by imposing additional tariffs on European Union goods, as major US trade partners warned of retaliation due to the trade barriers already implemented by the US leader.

Just hours after the 25% tariffs on all steel and aluminum imports to the US went into effect, Trump announced that he would introduce further penalties if the EU proceeds with its plan to impose counter-tariffs on certain US products next month.

“Whatever they charge us, we’re charging them,” Trump stated.

Trump’s strong focus on tariffs has reportedly shaken investor, consumer, and business confidence, with rising concerns about a potential recession.

The president has also strained relations with Canada, a key ally and major trading partner, by repeatedly threatening to annex the country.

In response, Canada, the largest foreign supplier of steel and aluminum to the US, announced 25% retaliatory tariffs on those metals, along with products like computers, sports equipment, and other goods totaling $20 billion.

Canada had already implemented similar tariffs on US goods in retaliation to Trump’s broader tariffs.

“We will not stand idly by while our iconic steel and aluminum industries are being unfairly targeted,” Canada’s Finance Minister Dominic LeBlanc said.

In addition, Canada’s central bank lowered interest rates in preparation for the economic disruptions.

Trump’s move to reinforce protections for American steel and aluminum producers reintroduces effective tariffs of 25% on all imports and extends these duties to hundreds of downstream products, ranging from nuts and bolts to bulldozer blades and soda cans.

US Commerce Secretary Howard Lutnick confirmed that the president would also impose trade protections on copper.

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