Politics7/31/2025Bloomberg

Trump Hits Canada, Switzerland Hard as He Announces Global Tariffs

Here is a concise summary of the news article in 171 words: President Trump has announced the imposition of global tariffs on steel and aluminum imports, hitting major trading partners like Canada and Switzerland hard. The tariffs, set at 25% for steel and 10% for aluminum, are aimed at protecting American producers and jobs, though critics argue they could spark a trade war and hurt US consumers and businesses. Canada, the largest steel exporter to the US, and Switzerland, a major aluminum exporter, have both been critical of the move, with Canada's Prime Minister Trudeau calling it "absolutely unacceptable." The EU has also threatened retaliation, raising concerns about the potential for an escalating trade conflict. The tariffs are part of Trump's "America First" economic policy, but their broad scope and impact on key allies have drawn widespread criticism. Economists warn the tariffs could ultimately cost American jobs and raise prices for consumers, offsetting any potential benefits to the domestic steel and aluminum industries.

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