Who will Trump’s trade war hit next? Fears of a ‘tariff cascade’ threaten global trade as U.S. allies gripe about ‘economic self-harm’

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U.S. President Donald Trump’s new tariffs on steel and aluminum came into effect today, the latest front in a growing trade war that’s rocked markets and disappointed allies.

U.S. steel and aluminum imports are now subject to a 25% tariff, and allies like Australia, which had hoped to get exemptions, were disappointed. Australian Prime Minister Anthony Albanese blasted the tariffs as “a form of economic self-harm” and “against the spirit of our two nations’ enduring friendship.”