The trade tensions escalated as the European Union (E.U.) and Canada announced retaliatory tariffs in response to U.S. tariffs on steel and aluminum. The E.U. will implement tariffs starting April 1, affecting products worth billions, while Canada revealed plans for new tariffs on $20 billion of U.S. imports. Both entities expressed a willingness to reach a negotiated settlement. The E.U. response consists of two phases: a lapse of a previous tariff suspension and new tariffs on additional products as negotiations progress.
The EU's response to U.S. tariffs on steel and aluminum is to impose new tariffs on products worth billions, while emphasizing readiness for a deal.
Canada announced tariffs on $20 billion worth of U.S. imports, focusing on steel and aluminum but also affecting a wide variety of goods.
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