What happened
President Trump this week imposed sweeping 25 percent tariffs on all steel and aluminum imported into the U.S., doubling down on trade policies that have shaken stock markets, alienated allies, and raised fears of an economic downturn. Trump said the tariffs—which apply to both raw metals and the thousands of products made with them, including nuts, bolts, and soda cans—were needed to take back wealth “stolen” by other countries. Canada, which supplies more of the metals to the U.S. than any other nation, retaliated with 25 percent tariffs on American steel and aluminum along with $21 billion in new duties on U.S.-made computers, sports equipment, and other consumer goods. Canada “will keep our tariffs on until the Americans show us respect,” said the country’s new prime minister,…
