Trump tariffs of 25% on steel and aluminium come into effect globally as Europe says it will retaliate – business live
Opening summary
Hello and welcome to our live coverage of the global response to Donald Trump’s new tariffs. The 25% global tariffs on steel and aluminium came into effect at midnight ET “with no exceptions or exemptions”.
The European Commission responded almost immediately, saying it would impose counter tariffs on €26bn ($28bn) worth of US goods from next month.
“We deeply regret this measure,” European Commission chief Ursula von der Leyen said in a statement about the US tariffs, as Brussels announced it would be “launching a series of countermeasures” in response to the “unjustified trade restrictions”.
Australian deputy prime minister Richard Marles said on Wednesday the lack of exemptions was “really disappointing”, calling tariffs “an act of kind of economic self-harm”. He told radio station 2GB: “We’ll be able to find other markets for our steel and our aluminium and we have been diversifying those markets.”
You can read the full story here and stick with us for all the developments as they unfold.
Key events
US tariffs a ‘dog act’, says Australia’s industry minister
Ed Husic, Australia’s industry and science minister, spoke to ABC TV on Wednesday and was asked if he considered tariffs as the way to treat a good friend and ally.
Husic responded:
Let’s call a spade a spade. I think this is a dog act after over a century of friendship.
Australians have stood by and stood with Americans for many decades. In fact, Australians have spilled blood alongside Americans in different conflicts. We have stood together not just from a national security perspective but from an economic security perspective as well, trying to improve trade relationships between countries because it is good for economies and workers when done right.
What we have seen here, what has it been for?
EU provides timing of tariff countermeasures
The European Commission said on Wednesday it would impose “countermeasures” starting from 1 April in response to US tariffs of 25% on steel and aluminium imports.
European Commission chief Ursula von der Leyen said in a statement that Brussels would be “launching a series of countermeasures” in response to the “unjustified trade restrictions”.
Opening summary
Hello and welcome to our live coverage of the global response to Donald Trump’s new tariffs. The 25% global tariffs on steel and aluminium came into effect at midnight ET “with no exceptions or exemptions”.
The European Commission responded almost immediately, saying it would impose counter tariffs on €26bn ($28bn) worth of US goods from next month.
“We deeply regret this measure,” European Commission chief Ursula von der Leyen said in a statement about the US tariffs, as Brussels announced it would be “launching a series of countermeasures” in response to the “unjustified trade restrictions”.
Australian deputy prime minister Richard Marles said on Wednesday the lack of exemptions was “really disappointing”, calling tariffs “an act of kind of economic self-harm”. He told radio station 2GB: “We’ll be able to find other markets for our steel and our aluminium and we have been diversifying those markets.”
You can read the full story here and stick with us for all the developments as they unfold.
