American President Donald Trump implemented 25% tariffs on steel and aluminum imports from various countries, effective Wednesday. This move aims to reorder trade norms in favor of the United States, but could lead to increased consumer prices for products such as drink cans, home appliances, and automobiles.
The European Union responded with its own set of measures against some US goods, originating a “tit-for-tat” reaction to the new US tariffs.
Trump had previously threatened to double the tariffs on steel and aluminum exports from Canada to 50%, but decided to stick with the original 25% rate after the Canadian province of Ontario RESCINDED a surcharge on electricity sold to three US states.
This decision was made after Ontario Premier Doug Ford announced a visit to Washington with Canadian Finance Minister Dominic LeBlanc, to discuss the United States-Mexico-Canada Agreement.
+++++ new_texts_depth-14/351.mdThe US Federal Reserve raised the benchmark interest rate by 0.75 percentage points to 3-3.75%. Its decision to do so follows higher than expected inflation, driven by robust labor market and strong demand for goods and services. The Fed expects inflation to ease in 2023. The announced rate hike is the third consecutive 0.75-point increase aimed at curbing inflation. The Fed anticipates one more rate increase this year.
Source: https://www.dw.com/en/trump-tariffs-on-steel-aluminum-imports-go-into-effect/a-71896104?maca=en-rss-en-all-1573-rdf
