Former U.S. President Donald Trump's latest move to impose 25% tariffs on all steel and aluminum imports has reignited fears of global trade turbulence, with analysts warning of ripple effects across supply chains and consumer markets. Announced this week, the policy – framed by Trump as a bid to 'make America rich again' – could see average car prices surge by $2,000, compounding inflation pressures already felt by households worldwide.
Key trading partners including Canada, Brazil, and South Korea face immediate disruption. Canada alone supplied 66% of U.S. aluminum imports in 2023, while Vietnam and Mexico rank among top steel exporters to America. 'This isn’t fiscal policy – it’s economic Russian roulette,' said a Geneva-based trade analyst who requested anonymity.
While Trump claims the tariffs target Chinese steel dumping, experts note China accounts for less than 3% of U.S. metal imports. The decision risks pushing allies toward China’s expanding trade networks: Beijing’s zero-tariff initiatives with over 30 partner nations, particularly in Africa, contrast sharply with Washington’s protectionist shift.
Global markets reacted cautiously, with commodity prices seesawing amid fears of retaliatory measures. As the March 12 implementation deadline looms, business leaders urge diplomatic solutions – but Trump appears doubling down on his America First playbook.
Reference(s):
cgtn.com
