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14-03-2025
WASHINGTON: Donald Trump says his administration will “of course” respond to the EU’s decision to impose counter-tariffs on €26bn (£21.9bn, $28.3bn) worth of American goods.
“Whatever they charge us, we’re charging them,” the US president says.
The bloc’s announcement came as a response to 25% tariffs being placed on all steel and aluminium imports into the US, announced by Trump earlier this month.
Canada has similarly announced retaliatory measures, saying it will place tariffs on more than $20bn worth of US goods.
Prime Minister Keir Starmer has said the UK will “keep all options on the table” when it comes to Trump’s global tariffs, and he’s pushing for a trade deal with the US.
Tariffs are a central part of Trump’s overall economic vision – he hopes they will boost US manufacturing and protect jobs, but critics say in the immediate term they will raise prices for US consumers.
It’s been another day of dramatic and not-so-dramatic developments on the global trade front.
Donald Trump’s 25% tariffs on all aluminium and steel imports into the US was the focus of the meeting between the US president and the Irish Prime Minister Micheal Martin at the White House on Wednesday, meant to mark the upcoming St. Patrick’s Day.
The European Union has announced counter-tariffs on €26bn (£21.9bn, $28.3bn) worth of American goods, to which Trump said he would respond.
Canada announced similar measures, saying it will place similarly place tariffs on more than $20bn worth of US goods, further escalating the tariff war between the two neighbors.
UK Prime Minister Keir Starmer said his government will “keep all options on the table” when it comes to Trump’s global tariffs.
Donald Trump sees the tariffs as a key part of his economic vision to boost US manufacturing, but critics say they will raise prices for US consumers in the short term.
The world is bracing itself as Donald Trump enacts his global tariffs. As the president begins to enforce them upon the rest of the world, the Americast team assemble to ask whether Trump’s bet on tariffs might be a bad deal for the US. How have the markets reacted, and does Trump actually care?
Plus, why has Donald Trump bought a Tesla even though he isn’t allowed to drive it?
What is the USMCA?
The United States-Mexico-Canada trade agreement (USMCA) was renegotiated and signed in 2020 during Donald Trump’s first term.
The agreement aims to reduce barriers between the three countries in regards to their imports and exports, meaning certain goods have lower, or even no tariffs on them when they enter a country.
Around half of Mexico’s goods are covered by the USMCA, that percentage is less for Canada.
The new tariffs appear to break the terms of the agreement on trade, which also continued a largely duty-free trading relationship between the three neighboring countries.
It’s due to be renegotiated again by the three countries in 2026.
Canada’s trade minister Mary Ng says Donald Trump’s tariffs violate the United States-Mexico-Canada Agreement. (Int’l Monitoring Desk)
