Trump eased off of an earlier threat to raise those tariffs to 50% for Canada, with the commerce secretary set to meet Ontario's premier Thursday.

Summary

The Trump administration imposed 25% tariffs on global steel and aluminum imports, prompting international backlash.

The EU announced retaliatory tariffs on $28 billion worth of US goods, while Canada faced threats of 50% tariffs before Commerce Secretary Lutnick intervened.

Australia, South Korea, Japan, and China were also affected, with varying responses from diplomatic criticism to countermeasures.

Markets initially plunged but recovered slightly as US-Canada tensions eased after Ontario Premier Ford agreed to meet with US officials.

The White House claims the policy as “a win for the American people” despite warnings from analysts about higher domestic prices.