Donald Trump’s increased tariffs on all U.S. steel and aluminum imports are now in effect, intensifying a campaign to reshape global trade that has already prompted quick retaliation from Europe.
Trump’s action to bulk up protections for domestic steel and aluminum producers restores effective global tariffs of 25 percent on all imports of the two metals, extending the duties to hundreds of downstream products made from the materials — from nuts and bolts, bulldozer blades to soda cans.
The European Commission responded immediately, saying it would impose counter-tariffs on $28 billion worth of American goods from next month.
The countries most affected by the levies are Canada – the biggest foreign supplier to the U.S. – Brazil, Mexico and South Korea. On Wednesday morning, Canada responded with C$29.8 million ($20 billion) in retaliatory duties on U.S. products.
On Tuesday, Ontario Premier Doug Ford said he would suspend his province’s 25 percent electricity surcharge – just hours after Trump announced steep tariffs by way of retaliation for Ford’s actions, which the president then, in turn, withdrew on an exhausting day of U-turns.
Key Points
- Canada announces $20bn in retaliatory tariffs on U.S.
- Trump expands 25% steel and aluminium tariffs globally
- Trump praises his own tariffs at Business Roundtable meeting
- House of Representatives votes to avoid government shutdown
- Why are Canadians using ‘elbows up’ as a rallying cry against Trump?
Canada announces $20bn in retaliatory tariffs on U.S.
14:30
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Oliver O'Connell
Canada will impose C$29.8 billion in retaliatory tariffs on the United States starting Thursday morning, in response to U.S. President Donald Trump's steel and aluminum tariffs, according to Canada's Finance Minister Dominic LeBlanc.
Trump's increased tariffs on steel and aluminum imports took effect on Wednesday, as previous exemptions, duty-free quotas, and product exclusions expired, and his campaign to reshape global trade norms in favor of the U.S. continues to gain momentum.
Canada is the largest foreign supplier of steel and aluminum to the United States.
Canada's retaliation targets steel products valued at C$12.6 billion and aluminum products worth C$3 billion, along with additional imported U.S. goods totaling C$14.2 billion, bringing the overall total to C$29.8 billion.
Products impacted by Canada's counter-tariffs include computers, sports equipment, and cast iron products, LeBlanc said at a news conference.
The escalation of the U.S.-Canada trade war coincided with Prime Minister Justin Trudeau's preparations to hand over power this week to his successor, Mark Carney, who won the leadership race for the ruling Liberals on Sunday.
On Monday, Carney said he could not speak with Trump until he was sworn in as prime minister. Trump again took to social media, expressing his desire for Canada “to become our cherished Fifty-First State.”
With reporting from Reuters
IN FOCUS: Has Steve Bannon just revealed the real reason Trump is siding with Putin over Ukraine?
14:20
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Oliver O'Connell
Michael Sheridan writes:
Steve Bannon loves talking. In fact, he can’t stop. The Trump whisperer has laid out a plan behind the abandonment of Ukraine, namely for the United States to make a deal with Russia and turn to its real enemy, China. While Beltway think-tankers apply their fine minds to the puzzle of the Trump administration’s diplomacy, Bannon has cheerfully taken to the airwaves, most recently on the podcast of Tim Dillon, a stand-up comedian, to explain it to the little guy.
Continue reading...
New poll: Majority of Americans say Trump was disrespectful to Zelensky
14:16
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Oliver O'Connell
The latest Economist/YouGov poll shows that the majority of Americans (and by 14 points) believe that Ukrainian President Volodymyr Zelensky was not disrespectful to President Donald Trump during their disastrous Oval Office meeting at the end of February.
Further, a majority (by 22 points) believe that it was Trump who was disrespectful to Zelensky...
Americans say by 14 points that Zelensky was NOT disrespectful towards Trump in their Oval Office meeting.
— Aaron Blake (@AaronBlake) March 12, 2025
They say by 22 points that Trump WAS disrespectful towards Zelensky. pic.twitter.com/wuA6btdB7h
Watch: Democrat Sen. Jeanne Shaheen will not run for re-election
14:04
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Oliver O'Connell
New Hampshire Democratic Senator Jeanne Shaheen will not run for re-election in 2026.
Her decision means Democrats will fight open Senate seats in New Hampshire, Michigan, and Minnesota.
End of an era: @JeanneShaheen will not seek re-election in 2026. The Senator is releasing this video announcing her decision. #NHPolitics #WMUR pic.twitter.com/RMGlRIolMx
— Adam Sexton (@AdamSextonWMUR) March 12, 2025
U.S. consumer price growth slows
14:02
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Oliver O'Connell
U.S. consumer prices rose less than anticipated in February, but this improvement is likely temporary due to aggressive tariffs on imports that are expected to increase the costs of most goods in the coming months.
The consumer price index climbed 0.2% last month after a 0.5% rise in January, as reported by the Labor Department's Bureau of Labor Statistics on Wednesday.
In the 12 months leading up to February, the CPI increased by 2.8%, following a 3.0% rise in January. Economists surveyed by Reuters had predicted a 0.3% increase in the CPI and a year-on-year advancement of 2.9%.
The first full inflation report of President Donald Trump's administration still showed prices running at levels that economists believe are inconsistent with the Federal Reserve's 2% target.
The White House is taking a victory lap off the back of today’s figures:
Today’s CPI report shows inflation is declining and the economy is moving in the right direction under President Trump. Core consumer prices, which is the best measure of inflation, dropped to its lowest level in FOUR years. This inflation report, much like last week’s jobs…
— Karoline Leavitt (@PressSec) March 12, 2025
With reporting from Reuters
Trump tariffs: Britain ‘won’t hesitate to respond’ to steel duties, U.K. business secretary warns
14:00
,
Oliver O'Connell
U.K. Prime Minister Sir Keir Starmer has said “all options are on the table” as Britain plans its response to Donald Trump imposing global tariffs on steel and aluminum.
While the European Union has already announced it will introduce counter-measures on American goods, Britain has resisted imposing immediate retaliatory action against the move.
But while the prime minister suggested Britain wants to seek a carve-out from the tariffs without engaging in a tit-for-tat trade war with the U.S., Sir Keir indicated retaliatory tariffs are being considered.
The Independent’s Westminster political team report.
Wall St opens higher as inflation cools, but slowdown fears loom
13:54
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Reuters
Wall Street's main indexes opened higher on Wednesday after data showed cooling inflation, although concerns about the economic impact of U.S. President Donald Trump's trade policies tempered optimism.
The Dow Jones Industrial Average rose 144.0 points, or 0.35%, at the open to 41,577.5. The S&P 500 rose 52.8 points, or 0.95%, at the open to 5,624.84, while the Nasdaq Composite rose 275.3 points, or 1.58%, to 17,711.41 at the opening bell.
Watch: Lutnick challenged on steel tariffs by Fox Business host
13:45
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Oliver O'Connell
“Domestic producers cannot keep up with demand, the price is going up,” says Fox Business host Stuart Varney.
Lutnick: "You don't get inflation from having a tariff." (Note how Varney isn't buying it.) pic.twitter.com/qqpAvzIPGR
— Aaron Rupar (@atrupar) March 12, 2025
Trump tariffs: Canada to announce more than $20 billion in metals tariffs
13:38
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AP
Canada will announce C$29.8 billion ($20.7 billion) in retaliatory tariffs in response to the 25% steel and aluminum tariffs that U.S. President Donald Trump has leveled, a senior Canadian government official said Wednesday.
The official spoke on condition of anonymity because they weren’t authorized to speak before the announcement.
The European Union on Wednesday also 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%.
Canada is the largest foreign supplier of steel and aluminum to the U.S.
Lutnick claims tariffs are ‘worth it’ even if they cause a recession
13:35
,
Oliver O'Connell
Commerce Secretary Howard Lutnick enthusiastically defended Donald Trump’s erratic tariffs on Tuesday, claiming that even if they trigger a recession they’re “worth it.”
“The markets are going to learn, let the dealmaker make his deals,” Lutnick crowed on CBS Evening News about Trump.
Lutnick’s comments were risky amid rattled investors, given that Trump’s on-again-off-again tariff threats and his nod to the possibility of a recession sent stocks tumbling Monday.
Mary Papenfuss reports from San Francisco.
Watch: Zelensky comments on Ukraine's agreement to 30-day ceasefire
13:34
,
Oliver O'Connell
Affordable housing repair program axed under Trump's DOGE cuts
13:24
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Oliver O'Connell
The Trump administration is ending a $1 billion program that helps maintain affordable housing, jeopardizing projects that keep tens of thousands of units livable for low-income Americans, according to a document obtained by The Associated Press.
The action is part of a series of budget cuts and funding freezes at the U.S. Department of Housing and Urban Development, primarily directed by President Donald Trump and Elon Musk’s Department of Government Efficiency, that have unsettled the affordable housing industry.
Maintaining these units receives less attention than ribbon-cuttings, yet it is central to efforts addressing the nation’s housing crisis. Hundreds of thousands of low-rent apartments, many of which are aging and in urgent need of repair, are at risk of being taken away from poor Americans.
The program has already allocated funds to projects aimed at upgrading at least 25,000 affordable housing units nationwide, and details on how it will be phased out remain unclear.
A spokesperson for HUD did not respond to multiple requests for comment from the AP. However, an internal document reviewed by the AP indicated that the program is being “terminated” at the direction of DOGE. Two HUD employees, who are familiar with the program and spoke to the AP on the condition of anonymity due to fear of reprisal, confirmed the directive to close it down.
At first glance, the over $1 billion Green and Resilient Retrofit Program, which was passed by Congress in 2022, aims to improve energy efficiency. It is offered through grants and loans to owners of affordable housing that require updates, such as replacing or repairing heating and cooling systems, fixing leaky roofs, upgrading aging insulation or windows, or implementing floodproofing measures.
However, money plays a significantly larger role in maintaining affordable units as it is also used as leverage to pull in other investments for major repairs and renovations.
Trump tariffs: As Europe retaliates, what do the new trade levies mean for the U.K.?
13:15
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Oliver O'Connell
President Donald Trump extended his trade war across the globe overnight as he placed 25 percent tariffs on steel and aluminum coming from all countries.
This blanket measure spreads to all European nations, the U.K. included. It ends Trump’s apparent ambivalence on whether to include the U.K. in his tariff drive, reaching the decision that no nation should be spared.
Albert Toth breaks down Britain’s response.
Watch: Trump won't let go of wanting Canada to become 51st state
13:13
,
Oliver O'Connell
Vance hosts Taoiseach as Irish premier kicks off St. Patrick's Day visit to Washington, D.C.
12:58
,
Oliver O'Connell
Vice President Vance said in his remarks: “One of the things that we try to do with this breakfast is remind people of the important bonds of friendship between the United States and Ireland.”
Watch his remarks here:
WATCH: @VP delivers remarks at a St. Patrick's Day breakfast with Ireland Taoiseach Micheal Martin:
— Rapid Response 47 (@RapidResponse47) March 12, 2025
"One of the things that we try to do with this breakfast is remind people of the important bonds of friendship between the United States and Ireland." pic.twitter.com/EhW9fKNcQs
Watch: Trump trade adviser tells journalist to stop talking 'crap'
12:55
,
Oliver O'Connell
Trump administration faces big day in court
12:45
,
Oliver O'Connell
Wednesday is a big day in court for the Trump administration on multiple fronts, Alex Woodward reports.
At 10:30 a.m., a federal judge will hold a hearing to determine whether to block the administration’s ban on trans service members across the military. Judge Ana Reyes already lambasted government lawyers and the president’s actions during a two-day hearing last month. Since then, the Pentagon and all branches have started to remove trans troops and prevent any trans recruits from enlisting.
At 11:30 a.m., attorneys for Mahmoud Khalil will appear in a Manhattan courtroom to argue to move him back to New York. Government lawyers will be presenting their first legal arguments over his detention and attempted removal from the country.
At 2 p.m., scheduled just one day after suing Trump, a law firm targeted by one of his executive orders will argue for a restraining order. Perkins Coie is one of two firms Trump is trying to punish for working with his rivals.
And at 4 p.m., Judge Tanya Chutkan will preside over a hearing involving a lawsuit from the Climate United Fund against Citibank and the EPA.
Kelly Rissman adds:
A Maryland district judge is also holding a hearing at 9.30 regarding a temporary restraining order for the 20 states who sued over the administration's mass firings of federal workers without warning.
Coming up today: Trump to host Taoiseach for St Patrick’s Day ceremony
12:40
,
AP
President Donald Trump will host Irish premier Micheal Martin in the White House on Wednesday, in a highly anticipated meeting which is expected to touch on Ireland’s trading relationship with America.
Mr Trump will be presented with a bowl of shamrock as the centrepiece of the Irish Government’s major overseas diplomatic push in the run-up to St Patrick’s Day on Monday, March 17.
Read on...
How have the Trump tariffs gone down in the U.K.?
12:33
,
Oliver O'Connell
Donald Trump’s imposition of global tariffs on steel and aluminum came shortly before the weekly Prime Minister’s Questions in the U.K. parliament.
The U.K. is holding fire on retaliatory tariffs — and it took time for the topic to come up. Here’s David Maddox, political editor of The Independent, reporting from Westminster as Prime Minister Sir Keir Starmer took questions from MPs.
Not for the first time it is down to Liberal Democrat leader Sir Ed Davey to say what everybody else is thinking.
He is the first to properly take on the issue of tariffs — it only took 16 minutes of PMQs to do it.
But his call to stand shoulder to shoulder with Canada and others against Trump’s tariffs will be privately supported by many Labour backbenchers sitting behind Sir Keir Starmer.
There is an uncomfortable feeling that the prime minister is being too supine to Trump and not nearly robust enough in standing up to his international bullying.
Earlier, Conservative Party leader Kemi Badenoch — the official leader of the opposition — sidestepped the issue of problems arising from President Trump’s trade policies. David Maddox reports:
The Tory leader has been doing her best to cozy up to the Trump White House and her friend, Vice President JD Vance, since the U.S. election in November.
The last thing she wants to do is upset her allies across the Atlantic so it is noticeable that she has gone on the attack over Labour’s handling of the economy in PMQs but ignored the greatest threat.
Trump’s tariffs could be a real setback for the UK even if eventually a trade deal eases the problem because Northern Ireland is still in the EU single market.
But Ms Badenoch prefers to focus on Labour’s increase in national insurance and cancellation of the winter fuel payment.
Watch: White House still insisting tariffs are not taxes on American consumers
12:22
,
Oliver O'Connell
Rubio says European allies will need to be involved in any eventual deal on Ukraine
12:20
,
Oliver O'Connell
Hours after Trump promises to buy a Tesla, reports of Elon Musk’s plans to donate $100m to MAGA super PACs emerge
12:13
,
Oliver O'Connell
Hours after Donald Trump announced that he was planning to purchase a Tesla, reports emerged that Elon Musk was considering a $100 million donation to a super PAC associated with the president.
Federal filings show that the MAGA megadonor-turned-White House advisor spent more than $290 million supporting the president and his Republican allies during the 2024 election cycle. Musk gave over a quarter of a billion dollars through his super political action committee, America PAC.
James Liddell reports.
If Trump's numbers are bad in CNN's poll, Musk's are worse...
12:05
,
Oliver O'Connell
The latest CNN/SSRS poll shows President Donald Trump’s number falling across a broad swathe of policy areas (with the exception of immigration).
While that’s bad news for him, there is even worse news in the poll for DOGE head Elon Musk, who it shows is 18 points underwater, with only 35 percent having a favorable opinion of him versus 53 percent unfavorable.
More than 60 percent of respondents believe Trump does not have the experience of judgment to make changes to the way government works.
Trump's numbers have fallen in this CNN poll. But Musk's are worse.
— Aaron Blake (@AaronBlake) March 12, 2025
Musk is 18 points underwater (35% favorable to 53% unfavorable).
And 6 in 10 Americans say he has neither the right experience nor judgment. pic.twitter.com/paZKk3mJwf
Watch: 'What president Trump is doing is insane' says CNBC senior economics reporter
11:55
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Oliver O'Connell
CNBC’s senior economics reporter Steve Liesman eviscerates President Donald Trump over his trade war: “I’m going to say this at the risk of my job. What President Trump is doing is insane. It is absolutely insane.”
He goes on to say “that it shows there are no bounds around President Trump,” unlike in the first administration.
Watch below:
“I’m going to say this at the risk of my job. What President Trump is doing is insane. It is absolutely insane.”
— Republicans against Trump (@RpsAgainstTrump) March 12, 2025
CNBC’s Steve Liesman goes off on Trump’s reckless trade wars. pic.twitter.com/mldxXYjln3
New poll: Most Americans give Trump thumbs down on economy and tariffs
11:45
,
Oliver O'Connell
The latest CNN/SSRS poll shows Americans are unimpressed with President Donald Trump’s handling of the economy, tariffs and many other issues, even as his hardline approach to immigration is favored.
When rating Trump’s overall performance as president 54 percent disapprove of the job he is doing, while 45 percent approve.
On tariffs, 61 percent disapprove, 39 percent approve and on the economy overall, 56 percent disapprove while 44 percent approve.
The president is also underwater on foreign affairs (58:42 percent), healthcare policy (56:43 percent), the federal budget (52:48 percent); and management of the federal government (51:48 percent).
On immigration, Trump is polling better than he ever has while in office, including his first four years in the White House, with 48 percent disapproving and 51 percent approving.
Trump’s highest rating is on immigration, lowest on tariffs: pic.twitter.com/KmGGcyVaQM
— Ben Pershing (@benpershing) March 12, 2025
U.K. ‘reserves the right to retaliate’ against Trump tariffs
11:35
,
Joe Sommerlad
Britain’s Exchequer Secretary to the Treasury James Murray has told Times Radio that Downing Street will not race to join Europe in hitting back at the president but may ultimately be forced to do so.
“We reserve our right to retaliate.”
— Times Radio (@TimesRadio) March 12, 2025
The UK will not join the EU in immediately retaliating after US tariffs but will “reserve our right”, exchequer secretary @JamesMurray_LDN tells #TimesRadio.@KateEMcCann | @StigAbell pic.twitter.com/xX8mzkPgI8
Trump once ripped his predecessors over the stock market – it has fallen 5% since he returned to office
11:15
,
Joe Sommerlad
The president has been quick to tear into his predecessors about the stock market over the years – but the Dow Jones Industrial Average has tumbled 5 percent under his watch in one of the worst economic starts in recent memory.
By closing Tuesday, the Dow Jones had dropped 480 points. That loss came after it dropped nearly 900 points on Monday.
The Dow has now fallen from 44,025 to 41,911 in Trump’s first 50 days.
Rhian Lubin has more.
Watch: Trump discusses next steps for Putin after Ukraine accepts 30-day ceasefire
10:55
,
Joe Sommerlad
Here’s the president moving the ball into Russia’s court after Volodymyr Zelensky said his country would agree to a ceasefire.
Trump vows to label Tesla vandals ‘domestic terrorists’
10:35
,
Joe Sommerlad
As part of yesterday’s marketing push for Elon, the president vowed to label people who vandalize Tesla vehicles as “domestic terrorists”, hailing “a great American company” and warning that those who messed with it would be put “through hell.”
Trump says world’s richest man has been ‘treated very unfairly’ as he promotes Teslas at the White House
10:15
,
Joe Sommerlad
The president declared yesterday that Elon Musk – who is worth an estimated $320 billion – has been “treated very unfairly” as the duo promoted Tesla vehicles from the White House’s south lawn, with Trump committing to buying one himself as a show of support after the electric car company suffered its biggest stock tumble in four years on Monday.
“I’m going to buy because number one, it’s a great product. As good as it gets,” the president said.
“Number two, because [Elon Musk] has devoted his energy and his life to doing this, and I think he has been treated unfairly.”
Trump says he's going to write a check for his new Tesla: "I do it the old-fashioned -- I give checks. I like checks. I like a check better than this better system of, all of the sudden there's money in your account. Nobody knows.
— Aaron Rupar (@atrupar) March 11, 2025
"I think his credit is good," Elon Musk adds. pic.twitter.com/WwuLbaZFVM
But even Fox News’s Peter Doocy wasn’t swallowing this one.
DOOCY: You're buying a new car. There are some folks who will see this clip at home and they are struggling with their retirement accounts down at the moment.
— Aaron Rupar (@atrupar) March 11, 2025
TRUMP: Well I think they're gonna do great. Our country had to do this. pic.twitter.com/Jf5zMXufav
You may recall the president saying this not two years ago, incidentally.
In 2023, Trump told Sean Hannity “nobody wants to buy” electric vehicles, “the people don’t want them.” pic.twitter.com/S3Hs72eQR2
— PatriotTakes (@patriottakes) March 12, 2025
Analysis: Trump embraces chaos with reversals on tariffs and Ukraine aid
09:55
,
Joe Sommerlad
America’s global relationships, like the economy, are being stressed by such rapid back-and-forth policy shifts, warns John Bowden.
Tariffs are ‘worth it’ even if they cause a recession, insists commerce secretary
09:35
,
Joe Sommerlad
Trump’s Commerce Secretary Howard Lutnick also enthusiastically defended the president’s erratic tariffs strategy last night, claiming that even if they trigger a recession they’re “worth it.”
“The markets are going to learn, let the dealmaker make his deals,” he crowed on CBS Evening News of Trump.
President Trump will not double tariffs on Canadian steel and aluminum imports after Canada agreed to drop its 25% electricity export surcharge, Commerce Secretary Howard Lutnick said. “Let the deal maker make his deals,” Lutnick told CBS News’ @NancyCordes.… pic.twitter.com/NvWcS5CL2B
— CBS Evening News (@CBSEveningNews) March 11, 2025
Lutnick’s comments were risky amid rattled investors, given that the president’s on-again-off-again tariff threats and his nod to the possibility of a recession have already sent stocks tumbling this week.
When the network’s White House Correspondent Nancy Cordes asked him “what is being accomplished” by the current chaos, Lutnick insisted it’s part of a strategy.
“When you’re negotiating with someone and they’re not paying attention, and they are disagreeing, the president – who’s the best dealmaker ever to sit in that chair – is going to say, ‘Here’s my response.’ And then all of a sudden, shockingly, they respond,” he smiled.
“Will these policies be worth it if they lead to a recession?” Cordes asked.
“These policies are the most important thing America has ever had,” Lutnick responded.
“It is worth it… These policies produce revenues.”
The tariff-washing continued in the White House press room and on Fox New yesterday as the likes of Karoline Leavitt and Larry Kudlow insisted all was well, despite the adverse market reaction to Trump’s exhausting U-turning.
"Tariffs are a tax cut for the American people" -- Karoline L
