Trump hits back after revenge on steel and aluminum rates

US President Donald Trump has promised to impose more tariffs after his last move to introduce taxes on steel and aluminum imports in the United States has sparked revenge from the European Union (EU) and Canada.

Trump said that “of course” would respond to oppositions, repeating his warning to reveal the “reciprocal” tariffs next month for countries around the world.

“Whatever they charge us, we charge them,” he said.

The threat marks more escalation of a trade war, which shook the financial markets against the background of concerns about the impact on economies and consumers in many countries around the world, including the United States.

On Wednesday, Trump moved forward with a US tariff expansion plan for steel and aluminum, imposing a duty of 25% and terminating the release that the United States had previously provided for supplies from some countries.

This followed an order earlier this month, which raised taxes on Chinese imports to at least 20%.

Trump also threatened the tariffs – which are taxes applied to goods when they enter a country – in a number of closer objects, including copper, timber and cars.

Leaders in Canada and Europe called taxes on new metals Unjustified and struck with their own tariffs for a number of US products.

Other countries that are key suppliers of American metals, including the UK, Australia, Mexico and Brazil, have given up immediate revenge.

“Like everyone else, I’m disappointed to see global steel and aluminum tariffs, but we will take a pragmatic approach,” said the United Kingdom Prime Minister Sir Kyir Starmer.

“We are … negotiating a deal that covers and includes tariffs if we succeed. But we will keep all options on the table.”

Canada said on Thursday that it would start charging a 25% tax on nearly $ 30 billion.

Prime Minister-Defined Mark Carney said he was Ready to negotiate an updated commercial transaction with Trump, as long as there is “respect for Canadian sovereignty”.

The EU has said it will raise its leaks of up to € 26 billion ($ 28 billion; $ 22 billion in British pounds) of goods, including boats, bourbon and motorcycles since April 1.

EU President Ursula von der Leyen said the answer was intended to be “strong but proportional” and added that the EU was “ready to join a meaningful dialogue”.

“Tariffs are taxes. They are bad for business and consumers,” she said, warning that economic disturbances are raising jobs and will send higher prices.

“No one needs it – on both sides, neither in the European Union, nor in the United States.”

Trump has said he wants to increase the production of steel and aluminum in the US in the long run, but critics say that in the immediate vicinity taxes on metal imports will increase prices for US consumers and tingle economic growth.

The main packaged food manufacturers, including Quaker Oats and Folgers Coffee, asked Trump for targeted exceptions to import tariffs such as cocoa and fruit, according to a letter observed by Reuters.

Pepsico, Conagra and JM Smucker also asked the president to release ingredients not available from US sources in the letter sent by the Consumer Brands Association.

Coffee, oats, cocoa, spices, tropical fruits and tin steel used for some foods and household goods are among the imports referred to as inaccessible domestic, Reuters reports.

Import taxes are also expected to reduce demand for steel and aluminum, which are not made in the US – a blow to metal manufacturers elsewhere.

The EU estimates that the latest tariffs in the United States affect about 5% of its total exports to the United States, while the United States is the destination of about 90% of steel and aluminum exports to Canada.

The shares in the US were mixed on Wednesday, after two days a sharp decline. Dow closed by 0.2%, while the S&P 500 finished nearly 0.5%higher and Nasdaq jumped by 1.2%.

In the White House, Irish Prime Minister Taoizh Michel Martin, Trump said he did not plan to retreat from his trade battle, stating that he was not “satisfied” by EU commercial policies.

He pointed to the fears of the legal penalties he has imposed on Apple and rules that he claims to be placed by disadvantaged farm products and cars.

“They do what they have to do for the European Union, but it creates a bad will,” he said.

Repeating his threat to hit European cars with tariffs, he added later: “We will win this financial battle.”