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After a fresh wave of tariffs from the United States, Canada and the European Union said they would impose billions in levies on U.S. goods.
President Trump is using tariffs to rewire the global economic order in a flurry of on-again, off-again maneuvers, arguing they will boost U.S. factories and generate revenue. But his strategy has already triggered retaliation from major trading partners, rattled markets and upended diplomatic ties.
On Wednesday, the European Union announced up to $28 billion in retaliatory tariffs on U.S. goods, shortly after President Trump’s sweeping levies on steel and aluminum imports took effect. The Canadian government said that it would impose new retaliatory tariffs on $20 billion worth of U.S. imports in response to the latest Trump measures.
A day earlier, Mr. Trump escalated his fight with Canada, threatening to double tariffs on steel and aluminum imports before both sides backed down, at least temporarily.
The economic strain is beginning to show. Stocks are tumbling, and consumer anxiety is rising.
What exactly are tariffs, and how do they work? Who really pays for them?
What are tariffs, and how do they work?
A tariff is a government surcharge on products imported from other countries.
Understanding tariffs means understanding how manufacturing, trade and supply chains function — and how costs build along the way.
Tariffs in Trump’s second term in office
As of March 12
Source: Peterson Institute for International Economics, Wells Fargo Economic Insights
The New York Times
