President Donald Trump’s 25% tariffs on steel and aluminum imports came into force Wednesday, triggering concern across export-reliant Asia and immediate reprisals from the European Union and Canada as the global trade war enters a rocky phase.
The latest US tariffs kicked in after a tumultuous day at the White House, when Trump threatened to double the metals tariffs on Canada to 50%. When Ontario agreed to drop plans to impose a surcharge on electricity sent to the US, he backed off and downplayed the risk of a tariff-led recession that has sent US markets plunging.
Trump’s latest offensive drew mostly veiled threats against American exports as countries, for now, opted for negotiations to avoid tit-for-tat tariff wars. That lack of a fast and broad escalation presages complex talks in the months ahead over the US’s desire for broadly defined “reciprocal” tariffs set with each country individually.
Adam Posen, president of the Peterson Institute for International Economics, offers his take on why Trump’s trade policies may not succeed in the long-term and predicts how much they could end up costing the average American household. Dr. Posen speaks with Tom Keene and Paul Sweeney on Bloomberg Radio.
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