Canada And The European Union Announce Retaliatory Tariffs Against The U.S. The European Union has announced retaliatory trade action with new duties on U.S. industrial and farm products, responding within hours to the Trump administration’s increase in tariffs on all steel and aluminum imports to 25%. Here's what to know.

The president imposes 25% steel and aluminum tariffs in an effort to revive US manufacturing, though it may drive up prices for Americans instead

Combined, the new tariffs will cost companies billions of dollars, and further escalate the uncertainty in two of the world's major trade partnerships.