Global response to Donald Trump’s new tariffs on steel and aluminium has been swift, with the European Commission announcing counter tariffs on US goods worth $28bn. European steel companies are bracing for losses, with potential exports of up to 3.7m tons at risk. The UK is also preparing for the impact, with UK Steel warning of harmful consequences for UK suppliers and their customers in the US.
Australia’s industry and science minister called the tariffs a “dog act” and expressed disappointment at the lack of exemptions. The EU is set to implement countermeasures in response to the US tariffs, with tariffs on various products starting from April 1st. European Commission chief Ursula von der Leyen emphasized the negative impact of tariffs on both economies and consumers.
The UK is engaging with the US to negotiate a wider economic agreement that could eliminate additional tariffs and benefit UK businesses. The government remains resolute in its support for UK industry, with plans to protect UK producers through the Trade Remedies Authority.
Overall, the global response to Trump’s tariffs has been one of concern and disappointment, with countries and industries bracing for the economic impact. Stay tuned for further developments as the situation unfolds.
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