New tariffs on steel and aluminum imports imposed by former US President Donald Trump could backfire on American industries and households, experts warn. The 25% duties – set to take effect March 4 – target major trade partners including Canada and Mexico, with warnings of retaliatory measures that could disrupt global supply chains.
Trump's February 10 announcement coincides with plans for a new 'reciprocal tariff' framework revealed three days later. CNN analysis suggests these policies might trigger $30 billion in retaliatory tariffs annually on US exports, potentially escalating into full-scale trade wars. Former US International Trade Commission Vice Chair Jennifer Hillman told Bloomberg the measures violate WTO rules and existing trade agreements, stating: 'This undermines America's credibility in enforcing international economic norms.'
Automotive analysts predict car prices could rise 1-2% if proposed vehicle tariffs materialize, disproportionately affecting middle-income consumers. The developments come as G20 nations grapple with post-pandemic economic recovery, with trade policy emerging as a key battleground for global market stability.
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Trump's steel and aluminium tariffs to hurt US industries, consumers
cgtn.com
