https://finance.yahoo.com/news/trumps-proposed-tariffs-wont-bad-happen-next-220111328.html
President Donald Trump said Thursday that he would soon impose tariffs of 25% on steel imports and 10% on aluminum imports from countries around the world. Analysts agree the tariffs themselves are likely to have minimal impact as steel and aluminum account for about 2% of imported goods.
Rather, analysts worry that the response from U.S. trading partners could be major.
“The big issue there is if there’s retaliatory tariffs … that would become a big issue if that happens,” Jim Paulsen, chief investment strategist at Leuthold Group, said in a phone interview. “If a lot of countries got involved, it’s a dangerous slope that [Trump is] playing here.”
Goldman Sachs said in a note to clients that the tariffs, if finalized as currently proposed, would be “the most substantial trade restriction the Administration has announced to date.”
Retaliation
While much of Trump’s rhetoric on “unfair” trade deals has been directed at China, much of the steel and aluminum imported to the United States actually comes from Canada, Mexico and other countries in the Americas. U.S. trading partners have already started to respond.
Canadian Trade Minister François-Philippe Champagne called the tariff proposal “unacceptable,” with the German Steel Association saying that the proposal would violate World Trade Organization rules.
Hey global boy these must be tough times for traitors.