The trade conflict between the U.S. and its allies intensified with the European Union and Canada imposing retaliatory tariffs on U.S. exports, following President Trump's recent steel and aluminum import levies. The E.U. will initially suspend tariffs that were set to lapse under President Biden, while proposing new tariffs on €18 billion worth of goods, including boats and bourbon. Canada plans to levy tariffs on $20 billion worth of U.S. imports, which mainly relate to the steel and aluminum sector, but will also touch several other categories. In contrast, Britain and Australia have chosen not to retaliate to maintain positive trade relations.
The E.U. and Canada announced billions in retaliatory tariffs on U.S. exports, escalating a trade conflict that began with President Trump's steel and aluminum levies.
Europe plans to impose tariffs on additional products, including boats and motorcycles, in reaction to about $26 billion in U.S. tariffs on imports.
Canada's government has unveiled plans for new tariffs on $20 billion worth of U.S. imports, signaling strong pushback over steel and aluminum measures.
While the E.U. responds with tariffs, Britain opts not to retaliate to secure a long-term trade agreement with the U.S.
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