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The United States has broadened its tariffs on steel and aluminum imports, with a 25% duty imposed on both metals, effective immediately.
This move is expected to increase production costs for various goods, from home appliances to automobiles, potentially leading to higher consumer prices.
The tariffs, imposed by President Donald Trump, will significantly impact Canada, which supplies approximately half of the US’s aluminum imports and 20% of its steel imports.
Other key US suppliers of steel include Brazil and Mexico, while the United Arab Emirates and South Korea are major providers of aluminum.
In response to the tariffs, the European Commission has announced plans to impose countermeasures worth $28 billion, effective April 1.
Australian Prime Minister Anthony Albanese has also criticized the tariffs, calling them “entirely unjustified,” although Australia will not retaliate.
The move has sparked concerns about global trade uncertainty, with financial markets already experiencing volatility.
Trump, however, has played down fears about the economy, stating that he does not see a downturn coming.
The tariffs will raise production costs for various goods, potentially leading to higher consumer prices.
Also, Canada will be significantly affected, as it supplies a substantial portion of the US’s aluminum and steel imports.
