trade war

February 12, 2025 12:59 AM

EU, Canada and Mexico condemn Trump move to hike steel and aluminium tariffs

Mexico, Canada and the European Union on Tuesday condemned U.S. President Donald Trump's decision to impose tariffs on all steel and aluminium imports next month, a move that has fanned fears of a trade war. Trump signed proclamations late on Monday raising the U.S. tariff rate on aluminium to 25% from his previous 10% rate and eliminating country exceptions and quota deals as well as hundreds of thousands of product-specific tariff exclusions for both metals. The measures, due to take effect ...

February 11, 2025 9:35 AM

Trump raises tariffs to 25% on aluminum and steel imports

President Donald Trump substantially raised tariffs on steel and aluminum imports on Monday to a flat 25% "without exceptions or exemptions" in a move to aid the struggling industries but which increases the risk of a multi-front trade war. Trump signed proclamations raising the U.S. tariff rate on aluminum to 25% from his previous 10% rate and eliminating country exceptions and quota deals as well as hundreds of thousands of product-specific tariff exclusions for both metals. A White House ...

February 10, 2025 9:30 AM

Trump to announce 25% steel and aluminum tariffs in latest trade escalation

U.S. President Donald Trump said on Sunday he will introduce new 25% tariffs on all steel and aluminum imports into the U.S., on top of existing metals duties, in another major escalation of his trade policy overhaul. Trump, speaking to reporters on Air Force One on his way to the NFL Super Bowl in New Orleans, said he will announce the new metals tariffs on Monday. He also said he will announce reciprocal tariffs on Tuesday or Wednesday, to take effect almost immediately, applying them to ...

February 4, 2025 8:46 AM

Trump pauses tariffs on Mexico and Canada, but not China

U.S. President Donald Trump suspended his threat of steep tariffs on Mexico and Canada on Monday, agreeing to a 30-day pause in return for concessions on border and crime enforcement with the two neighboring countries. U.S. tariffs on China are still due to take effect within hours. Both Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum said they had agreed to bolster border enforcement efforts in response to Trump's demand to crack down on immigration and drug s...

February 3, 2025 11:20 AM

Trump says Americans may feel ‘pain’ in trade war with Mexico, Canada, China

President Donald Trump said the sweeping tariffs that he has imposed on Mexico, Canada and China may cause "short term" pain for Americans as global markets reflected concerns the levies could undermine growth and reignite inflation. Trump said he would talk on Monday with the leaders of Canada and Mexico, which have announced retaliatory tariffs of their own, but downplayed expectations that they would change his mind. "I don't expect anything dramatic," Trump told reporters as he retu...

A man stands in front of a live view of the Nikkei 225 index. Photo by Stanislav Kogiku/SOPA Images/LightRocket via Getty Images/Files

February 3, 2025 9:02 AM

Asian stocks slump, dollar soars as Trump tariffs trigger trade war fear

Asian stock markets slumped on Monday and U.S. equity futures pointed sharply lower after U.S. President Donald Trump's tariffs on Canada, Mexico and China triggered fears of a broad trade war and hit to global growth. The U.S. dollar shot to a record peak against the Chinese yuan in offshore trading, and its highest against Canada's currency since 2003 and the strongest against the Mexican peso since 2022. Japan's Nikkei share average tumbled as much as 2.3% in early trading, and Australia'...

January 27, 2025 11:40 AM

US puts Colombia tariff, sanctions threat on hold after deportations deal

The U.S. and Colombia pulled back from the brink of a trade war on Sunday after the White House said the South American nation had agreed to accept military aircraft carrying deported migrants. U.S. President Donald Trump had threatened tariffs and sanctions on Colombia to punish it for earlier refusing to accept military flights carrying deportees as part of his sweeping immigration crackdown. But in a statement late on Sunday, the White House said Colombia had agreed to accept the migrants a...

June 21, 2024 2:35 PM

China says EU escalation of trade friction could trigger ‘trade war’

China's commerce ministry said on Friday the European Union has continued to escalate trade friction, which "may trigger a "trade war". "Responsibility lies entirely with the EU side," a ministry spokesperson said in a statement. China hopes the EU will meet it halfway, handle difference through dialogue and avoid escalating trade friction or allowing it to get out of control, the spokesperson said. Last week, the European Commission proposed tariffs of up to 38.1% on electric vehicle imports...