Trump's Trade War Sparks Global Tensions Over Tariffs

President Donald Trump plans to impose new tariffs on steel and aluminium imports, potentially escalating a trade war. The move has drawn criticism from global trade partners and raised concerns among U.S. industries. Trump's tariffs could impact international relations and U.S. economic dynamics.

President Donald Trump's impending executive order on tariffs is stirring global apprehension, as it could potentially ignite a multi-front trade war. The contentious move involves a 25% tariff hike on steel and aluminium imports, prompting warnings from trade allies about possible retaliations.

Trump's escalation includes reciprocal tariffs targeting countries importing U.S. goods, raising concerns among both U.S. and foreign industries. While U.S. steelmakers see a stock market boost, European and Asian counterparts face declines. Major steel exporters to the U.S. like Canada, Brazil, and Mexico are particularly wary of the new trade barriers.

The backlash is global. Notably, U.S. automakers and shipbuilders are expected to suffer, and sectors like American whiskey production could also take a hit due to potential EU counters. The international community, including leaders such as Ursula von der Leyen and industry figures in South Korea, continue to deliberate over possible mitigations to these economic challenges.

(With inputs from agencies.)