Canada, Mexico, EU to hit back for steel, aluminum
President Trump on Thursday slapped tariffs on steel and aluminum imports from the European Union, Canada and Mexico, moving to punish what he said was unfair competition that has sapped the U.S. economy.
The tariffs — 25 percent on steel and 10 percent on aluminum — drew immediate retaliation from all three entities in what could be the beginning of a nasty global trade war.
Mexico said it would raise duties on imports of products including pork, grapes and cheese. Canada announced retaliatory tariffs on U.S. steel and aluminum and a host of other products it said the U.S. now supplies but can be switched easily to others.
Canada and the European Commission also said they will file complaints with international tribunals. They didn’t shy away from the notion that they and Mr. Trump are now engaged in a trade war.
“We’re ready for anything,” said Canadian Prime Minister Justin Trudeau, who said blame falls squarely on Mr. Trump.
U.S. stocks seemed moderately fazed,