Tariff Tension: Trump's Trade War Spurs Global Retaliation

President Donald Trump increased tariffs on steel and aluminum imports, aiming to reclaim American wealth. This decision has triggered retaliatory measures from the EU and Canada, escalating fears of a trade war and economic downturn. Critics argue the tariffs aim to fund Trump's tax cuts for the wealthy.

President Donald Trump heightened tensions with international allies by raising tariffs on steel and aluminum imports to 25 percent, a move he claims will reclaim American wealth.

The new tariffs, met with swift retaliatory actions from the EU and Canada, threaten to ignite a trade war and raise concerns over an impending economic downturn. Trump's economic strategy, highlighting a shift from traditional global leadership, has destabilized the stock market and elicited widespread criticism.

Critics, including Democratic lawmakers, argue that Trump's tariff measures are less about national security and more about generating revenue to cover proposed tax cuts for the wealthy, putting pressure on downstream industries reliant on steel and aluminum.

(With inputs from agencies.)