US President Donald Trump said he would respond to EU retaliation against his 25 % import tax on steel and aluminum.
US President Donald Trump said he would respond to the European Union’s retaliation with the rise in the global trade war. He did not specify how he would respond to the retaliation, but he said: “Of course, I’m going to answer,” when reporters were asked in the White House on Wednesday. Trump threatened double revenue on Canadian steel and aluminum before withdrawing the US electricity surcharge in the early days after suspending the US electricity surcharge.
Answers to Trade Partners
Trump proceeded with a blanket with a blanket on steel and aluminum in other countries on Wednesday, which led to an immediate retaliation from the European Union and Canada.
The European Union surpassed the import duties with a US -based “US taxes from economic scope” worth 26 billion, indicating a major retaliation to increase the Trump administration’s recent tariff. The commission will launch retaliation on April 1, 2018 to 2020, against Trump’s first term of $ 8 billion, will be a new package of $ 18 billion in mid -April.
In the statement, the European Commission said: “The Commission has regretted the US decision to impose such rates, they are considered to be detrimental, disrupting translatable trade, and harmful to businesses and consumers, resulting in high prices.” It also states that “the European Union is ready to work with the US administration to find a solution to the negotiations,” and counter -measures “can be reversed at any time to find a solution.”
On Thursday, in New York’s time of midnight, Canada responded with 25 % new revenue on US -made goods. Levies will match US taxes “dollars for dollars”. Overall, retaliation will affect steel products C $ 12.6 billion (€ 8.05 billion), aluminum C $ 3 billion ($ 1.9 billion), and other items C $ 14.2 billion ($ 9.1 billion). Canada is the largest steel exporter in the United States, followed by Mexico, Brazil and China in 2024.
Other countries did not immediately retaliate against Trump’s metal rates, but agreed to the most talks. Britain’s Prime Minister Kerry Starmer said that the UK is “keeping all options on the table” and “is discussing the economic agreement in which we will succeed and we will add taxes if we succeed.” Australian Prime Minister Anthony Albani said Trump’s prices are “fully blasphemous” and Australia will continue to talk for exemption. China did not respond directly to the new revenue, but he said that the United States had owed “a great thanks” because Beijing successfully controlled the fantasy trade.
Healthy downturn in global markets
Despite the recent rise in the global trade war following the cold inflation data released on Wednesday, the US stock markets have recovered. This year, the S&P 500 increased by about 0.5 % after a nearby correction area, led by large technology stocks. The US dollar G-10 group has weakened expectations against most currencies that the Federal Reserve could reduce the early interest rates due to economic concerns.
However, analysts warned that the ongoing uncertainty could lead to short -term market bounce. Michael Brown, a senior research analyst from Pepperson, wrote in a note that he will continue to sell at the Equity Rally, expecting a new height in gold due to dangerous emotions.
However, European stock markets performed well to global peers, with expectations to reduce financial rules for defense spending. Ukrainian President Wolodmeer Zelannsky said Ukraine has accepted a 30 -day ceasefire agreement with Russia, which has added to hope for the block’s view. The euro fell slightly against the US dollar, but only less than 1.09 was at a height of four months.
Asian markets were mixed in the preliminary trade on Thursday, with Japan’s Nikki 225 and South Korea’s Kosi Rising, while the Australian ASX 200 and China’s Hang Seng Index continued to decline.
