Steel and Trade Wars: China, Canada Retaliate Against US Tariff Hikes

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Steel and Trade Wars: China, Canada Retaliate Against US Tariff Hikes

Business 04 Mar 2025 12:54 PM IST moneycontrol

As former US President Donald Trump’s latest tariffs come into effect, both China and Canada have responded with countermeasures, escalating global trade tensions. The tariffs, primarily targeting steel, aluminum, and other key imports, are expected to reshape international trade dynamics, impacting industries worldwide.

China’s Retaliation

China, a long-time target of Trump’s trade policies, has announced new tariffs on a range of US goods, including agricultural products, automotive parts, and industrial machinery. The Chinese government has also hinted at further measures if the US does not ease trade restrictions. Analysts warn that these counter-tariffs could hurt American exporters and increase costs for US businesses relying on Chinese supply chains.

Canada Strikes Back

Canada, a key trade partner of the US, has also imposed retaliatory duties on American-made goods, particularly targeting sectors that could put pressure on US manufacturers. Ottawa has expressed disappointment over the renewed tariffs, arguing that they undermine the long-standing economic ties between the two nations. Canadian officials have urged the US to reconsider its stance, citing potential damage to both economies.

Impact on Global Trade

The latest tariffs have sparked concerns among global markets, with businesses and investors fearing further disruptions in supply chains. Economists predict a potential slowdown in trade flows, particularly affecting manufacturing and export-driven industries. Many countries are now reviewing their trade policies to mitigate risks arising from the renewed US protectionist approach.

While Trump’s tariffs aim to protect domestic industries, the retaliatory actions from China and Canada signal a brewing trade conflict, raising uncertainty for businesses worldwide. The situation remains fluid as global leaders weigh their next steps in this evolving economic standoff.

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