Analysts at ANZ explained that Steel and aluminium tariffs are back.
Key Quotes:
“President Trump “has decided in the case of Canada, Mexico and the European Union not to extend the exemptions and therefore they will be placed under the 25% tariff on steel and the 10% tariff on aluminium effective at midnight tonight,” Wilbur Ross said overnight.”
“The EU said they would take steps to retaliate and Mexico said they would impose duties on everything from US flat steel to cheese. Canada has said its own tariff response will be “dollar for dollar”.”
“Adding insult to injury, the US blocked the consensus OECD statement once again. There is typically a blanket statement that outlines common goals for the multilateral trading system.”
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