U.S. President Donald Trump announced plans to double steel and aluminum tariffs to 50%, creating fresh uncertainty in global trade. The article analyzes the potential winners (U.S. steel/aluminum companies) and losers (manufacturers, Canada's steel sector, other trade partners), highlighting the negative economic impact of Trump's previous tariff policies and the current timing of the announcement amidst his legal challenges.
Business Brief: Trade winners and losers
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TL;DR: Key points with love ❤️U.S. President Donald Trump announced plans to double steel and aluminum tariffs to 50%, creating fresh uncertainty in global trade. The article analyzes the potential winners (U.S. steel/aluminum companies) and losers (manufacturers, Canada's steel sector, other trade partners), highlighting the negative economic impact of Trump's previous tariff policies and the current timing of the announcement amidst his legal challenges.
Trending- 1 2018: Trump slapped a 25-per-cent tariff on steel and 10 per cent on aluminum
- 2 A year later: Duties on imports from Canada and Mexico were lifted
- 3 Late Friday: U.S. President Donald Trump vowed to hike his steel and aluminum imports to 50 per cent
- 4 Starting tomorrow: The United States will double steel and aluminum tariffs
- 5 Last week: Trump was asked about the 'TACO trade'
- 6 Yesterday: A U.S. trade court ruling said Trump didn’t have the authority to impose his 'Liberation Day' tariffs
- 7 Monday: Shares in U.S. steel and aluminum companies skyrocketed; shares in General Motors Co. and Ford Motor Co. fell
- Increased uncertainty in global trade
- Higher costs for manufacturers
- Negative impact on Canada's steel and aluminum sectors
- Stock market fluctuations
- Potential for trade wars
What: U.S. President Donald Trump announced plans to double steel and aluminum tariffs to 50%, causing market uncertainty and impacting various industries and countries.
When: Late Friday (Trump's announcement); starting tomorrow (tariffs to double); Monday (U.S. stock market reaction); May 28 (Bristol-Myers Squibb Co. investor conference); yesterday (Universal Corp. CEO statement).
Where: United States (Pittsburgh, Lorain, Ohio), Canada (Sault Ste. Marie), China, Brazil, Europe, Mexico.
Why: Trump's announcement is seen as a tactic to assert authority in trade policy, potentially influenced by recent legal setbacks and a desire to counter the 'TACO trade' narrative.
How: Trump made the announcement at a rally, vowing to hike tariffs. This action is expected to increase costs for manufacturers and negatively impact importing countries, particularly Canada.