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Specter of trade war after US tariffs on EU, Mexico, Canada

Ateel coils sit stored  in April at the Thyssenkrupp steel factory in Duisburg, Germany.  (AP Photo/Martin Meissner, file)

The Trump administration announced on Thursday it will impose tariffs on steel and aluminum imports from Europe, Mexico and Canada after failing to win concessions from those U.S. allies. Europe and Mexico pledged to retaliate quickly, exacerbating trade tensions across the Atlantic and within North American. Financial markets fell amid fears of a trade war.

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