Thursday Briefing
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E.U. and Canada retaliated after Trump’s latest tariffs
The trade fight widened yesterday as the E.U. and Canada announced billions of dollars in retaliatory tariffs on U.S. exports, hours after President Trump’s levies on steel and aluminum imports took effect.
Europe
The E.U. said that tariffs would take effect on April 1, a response to about $26 billion in tariffs applied by the U.S. But bloc officials emphasized that they were ready to strike a deal.
Their response will come in two parts. A tariff suspension implemented under President Joe Biden will be allowed to lapse, raising tariffs on billions of euros’ worth of products that include boats, bourbon and motorcycles. The second step will be to place tariffs on about 18 billion euros’ worth of additional products, a list of which has yet to be finalized.
Canada
The Canadian government said that it would impose new tariffs on $20 billion worth of U.S. imports. This round is centered on steel and aluminum but also applies to tools, computers, sporting goods and cast iron.
Here’s a breakdown of all the tariffs so far.
Other allies
Britain has chosen not to retaliate, as Prime Minister Keir Starmer looks to sign a long-term trade deal with the U.S. Prime Minister Anthony Albanese of Australia said his country would not impose reciprocal tariffs because they would hurt domestic consumers.