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Trade War Escalates as Trump’s Metal Tariffs Take Effect
Trade War Escalates as Trump’s Metal Tariffs Take Effect
The U.S. has imposed a 25% tariff on steel and aluminum imports, removing exemptions for key trading partners like the UK, Canada, and Australia. While the Trump administration aims to boost domestic metal production, critics argue the move will raise costs for U.S. industries, including automotive and aerospace.
Countries such as Canada and the EU plan to retaliate, while Australia has condemned the decision but will not impose countermeasures. The tariffs have triggered fears of economic slowdown, with stock markets reacting negatively. Despite this, the U.S. economy is still expected to outperform other advanced economies.
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