Closing summary
Donald Trump has begun another trade war, announcing 25% tariffs on all steel and aluminium imports into the United States. This prompted countermeasures from the European Union and Canada, while Australia, the UK and other countries held back from announcing retaliatory action.
European stock markets have rallied, cheered by hopes of a ceasefire in Ukraine.
Keep up with the latest news on our US and UK politics live blogs:
Thank you for reading. We’ll be back tomorrow. Bye! – JK
Canada to impose 25% tariffs on nearly $30bn in US imports
Canada is retaliating with its own tariffs, from tomorrow.
In response to 25% tariffs imposed by Donald Trump on Canadian steel and aluminum imports, Canada’s finance minister, Dominic LeBlanc, says his country will tomorrow retaliate with levies of the same amount on almost $30bn in imports from the United States.
LeBlanc said at a press conference
I am announcing that the government of Canada, following a dollar for dollar approach, will be imposing, as of 12.01am, tomorrow, March 13, 2025, 25% reciprocal tariffs on an additional $29.8bn of imports from the United States.
This includes steel products worth $12.6bn and aluminum products worth $3bn, as well as additional imported US goods worth $14.2bn for a total of $29.8bn. The list of additional products affected by counter-tariffs includes computers, sports equipment and cast iron products, as examples.
