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illuminem summarizes for you the essential news of the day. Read the full piece on The Associated Press or enjoy below:
🗞️ Driving the news: Canada and the European Union have retaliated against U.S. President Donald Trump’s new tariffs on steel and aluminum by imposing their own tariffs on American goods
• Canada is placing 25% tariffs on steel, aluminum, and a range of U.S. imports, while the EU is targeting products such as beef, bourbon, motorcycles, and peanut butter
• The escalating trade dispute is expected to cost companies billions and increase consumer prices.
🔭 The context: Trump previously imposed similar tariffs during his first term, prompting EU and Canadian countermeasures that were later suspended under Biden
• The EU will reimpose its 2018–2020 tariffs on April 1, followed by additional duties on April 13, affecting $19.6 billion in U.S. exports
• Canada is implementing tariffs on U.S. imports worth over $20.6 billion in response
🌍 Why it matters for the planet: Trade wars can disrupt global supply chains, including those for clean energy technologies such as electric vehicles and renewable energy components
• Higher costs for raw materials like steel and aluminum could slow investments in green infrastructure
• Additionally, economic instability may divert attention from pressing climate and environmental policies
⏭️ What's next: The EU and Canada have expressed willingness to negotiate, but Trump’s administration has shown little interest in de-escalation
• European steel producers anticipate significant losses, with the EU potentially losing up to 3.7 million tons of steel exports to the U.S.
• The trade conflict could further strain transatlantic relations and global economic stability.
💬 One quote: “Tariffs are taxes. They are bad for business, and even worse for consumers.” – Ursula von der Leyen, European Commission President
📈 One stat: Canada’s new tariffs will impact U.S. goods worth $20.6 billion, while the EU’s countermeasures target $19.6 billion in U.S. exports
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