Important Takeaways:

• Leaders in Europe and Canada have said they will not let Donald Trump’s plans to hit their steel and aluminum exports with tariffs go unchallenged.
• Trump said he was “simplifying” the rules and the measures would boost domestic production.
• “This is a big deal, the beginning of making America rich again,” Trump said, signing the proclamation, which said the measures would come into force on 12 March.
• “Our nation requires steel and aluminum to be made in America, not in foreign lands,” he added.
• The US is the world’s largest importer of steel, counting Canada, Brazil and Mexico as its top three suppliers.
• Canada alone accounted for more than 50% of aluminum imported into the US last year.
• The tariffs will raise the cost of bringing the metals into the US, sparking concern among businesses in the US that rely on the imports and many world leaders because it will make it more expensive for companies to sell their products in the world’s largest economy.
• Trump officials said the latest moves were aimed at stopping countries such as China and Russia from avoiding tariffs by routing low-cost products through other countries.

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