Tariff Turmoil: Steel and Aluminum Wars Escalate Globally

The U.S. has doubled tariffs on steel and aluminum imports to 50%, increasing tensions with trading partners. Countries like Canada and Mexico will face significant impacts, while negotiations continue to avoid further tariffs. Global trade uncertainty rises as nations propose 'best offers' to the U.S. administration.

The Trump administration has ignited global trade tensions by doubling tariffs on steel and aluminum imports. The increase from 25% to 50% has prompted swift responses from major trading partners including Canada and Mexico, who are set to suffer the most significant impacts.

Negotiations are underway to avert further tariffs, with the U.S. asking trading partners to submit their best proposals. The UK remains the only country with a temporary trade agreement to avoid the increased levies. This tariff increase is seen as part of a broader U.S. effort to force better trade terms under the threat of even higher duties.

Compounding the issue, uncertainty surrounding U.S. trade policy is causing disruptions across various industries. From rare earth materials critical to automakers to the spirits industry in France, businesses are grappling with the fallout. The escalating situation highlights the global ramifications of the U.S.'s aggressive tariff strategy.

(With inputs from agencies.)