Trump to announce 25% steel and aluminum tariffs in latest trade escalation

In any case, the announced tariffs will harm American producers and consumers in the end,

said Drago Patrlj, Croatian political analyst

I hope we can avoid the misguided path of tariffs and counter-tariffs, as trade wars ultimately come at the expense of prosperity on both sides,

he added

If the U.S. leaves us no other choice, the EU will respond with a united position,

he said in a speech to the Bundestag on Tuesday

Anthony Albaneseprime Minister

The US president agreed that an exemption was under consideration in the interests of both of our countries,

Albanese told reporters after the call

Donald Tuskprime Minister

It is worth doing everything to avoid unnecessary trade and customs wars, because this brings negative consequences for producers and consumers,

Tusk said before a government meeting

History shows that unilateral tariffs often provoke retaliatory measures, disrupting supply chains and undermining economic stability,

Hochschild noted, emphasizing that trade disputes

In steel, we expect higher domestic prices, however, low capacity utilization rates and growing steelmaking capacity could keep a lid on price gains,

Morgan Stanley said in its note

It's 25% without exceptions or exemptions. That's all countries, no matter where it comes from, all countries,

Trump told reporters during a press conference, ... according to a Reuters report

The damage will extend beyond just the steel and aluminum sectors, impacting all businesses that rely on these materials throughout the supply chain,

it said in a statement

Foreign customers are shifting their supply chains away from U.S. producers. Once removed, especially for smaller, family-owned businesses, it is difficult to regain that lost business,

the group said

The EU will act to safeguard its economic interests,

European Commission President Ursula von der Leyen said in a statement

Losing a significant part of these exports cannot be compensated for by EU exports to other markets,

Adam said

When he starts again now, then we will, of course, immediately reinstate our countermeasures,

Lange told rbb24 German radio

It will further worsen the situation of the European steel industry, exacerbating an already dire market environment,

said Henrik Adam, president of the European Steel Association

Ultimately, trade wars always cost both sides prosperity."

But he warned

Motorcycles, jeans, peanut butter, bourbon, whiskey and a whole range of products that of course also affect American exporters" would be targeted

he said

I deeply regret the US decision to impose tariffs on European steel and aluminum exports,

Ursula von der Leyen, the president of the European Commission, reaffirmed in a social media post

We are the US’s closest ally. Our economies are integrated. Canadian steel and aluminum are used in a number of key US industries, whether it is defence, shipbuilding, manufacturing, energy, automotive,

Trudeau said on Tuesday

Small businesses run on very small margins. And so a 25-percent increase in any product is going to hurt,

Sandra Payne, an owner of Denver Concrete Vibrator, which imports steel and other raw materials, told The Associated Press news agency

The reality is, though, our suppliers have international sources for aluminum steel. So that price will come through and it may be a speculative part in the market where price would come up because the tariffs are even rumored.”

Farley said