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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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Trump announces tariffs on steel, aluminum

After a week of hints and uncertainty, President Donald Trump is preparing to announce tariffs on imported steel and aluminum that would offer temporary exemptions to Canada and Mexico, a shift that could soften the blow of retaliation by trading partners. Opponents of the tariffs spent Thursday engaged in last-minute lobbying to blunt the consequences.

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