Trump's tariffs on metals take effect - Canada, China, Brazil are the countries most affected by the new decision
President Donald Trump's tariffs on all US steel and aluminum imports have taken effect, in an attempt to change the course of global trade in the US's favor.
Trump's move to increase safeguards for U.S. steel and aluminum producers restores effective global tariffs of 25% on all metal imports and extends the duties to hundreds of products made from these metals.
Since taking office in January, Trump's focus on tariffs has shaken the confidence of investors, consumers and businesses. Economists worry they could trigger a recession in the U.S. and further problems in the global economy.
The countries most affected by the tariffs are Canada, the largest supplier of steel and aluminum to the US, Brazil, Mexico and South Korea, which have enjoyed some exemptions or quotas.
Trump initially threatened Canada with doubling the tariff to 50% on its steel and aluminum exports to the US, but backed down after the province of Ontario suspended a measure to impose a 25% surcharge on electricity exports to the states of Minnesota, Michigan and New York.
The incident rattled U.S. financial markets, already worried about Trump's broad tariff offensive. The move was welcomed by U.S. steelmakers as it reinstated Trump's original 2018 tariffs on metals, which had been weakened by numerous country exemptions and quotas and thousands of product-specific exemptions.
The escalation of the U.S.-Canada trade war came as Prime Minister Justin Trudeau prepares to hand over power this week to his successor Mark Carney, who won the Liberal leadership race last weekend.
The Canadian Ministry of Energy said it could impose non-tariff measures such as restricting oil exports to the US or imposing export duties on minerals if the US tariffs continue.
Canada, with abundant hydropower resources that have made primary aluminum production more cost-effective than in the United States, has carved out a leading position in the U.S. aluminum market as American smelters once revived by Trump's tariffs have lost momentum.
China remains the number two supplier of aluminum and aluminum-made goods, but already faces high tariffs to counter alleged subsidies, as well as a new 20% duty that Trump imposed last month on fentanyl trafficking.
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