Europe reacts to U.S. tariffs as Trump steps back from Canada
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On Wednesday, March 12th, the European Union decided to respond to global tariffs on aluminum and steel imposed by U.S. President Donald Trump and announced countermeasures targeting 26 billion euros in U.S. exports, set to take effect on April 1st. Iconic American products, such as Harley-Davidson motorcycles, jeans, bourbon, and household appliances, will be affected by the new tariffs.
The European Commission stated that tariffs are harmful to businesses and even more so to consumers, as they destabilize supply chains, create economic uncertainty, and emphasized the need for prompt action to protect consumers and businesses.
Meanwhile, on Tuesday, March 11th, Trump decided to remove the 25% tariff increase on Canadian aluminum and steel exports; starting at midnight, only the previously established 25% tariff will be applied. This step back follows the announcement on Tuesday, March 11th, by Ontario Premier Doug Ford, that 25% tariff on Canadian electricity exports to the U.S. would be removed.
The European Commission stated that tariffs are harmful to businesses and even more so to consumers, as they destabilize supply chains, create economic uncertainty, and emphasized the need for prompt action to protect consumers and businesses.
Meanwhile, on Tuesday, March 11th, Trump decided to remove the 25% tariff increase on Canadian aluminum and steel exports; starting at midnight, only the previously established 25% tariff will be applied. This step back follows the announcement on Tuesday, March 11th, by Ontario Premier Doug Ford, that 25% tariff on Canadian electricity exports to the U.S. would be removed.