Trump’s Tariffs and the Backlash From Canada and Other Countries, Explained
Posted on: Mar 13, 2025 00:51 IST | Posted by: Nytimes
After a reinvigorated wave of tariffs from the United States, Canada and the European Union said they would impose billions in levies on U.S. Goods.
Ana SwansonJune Kim and Danielle Kaye
President Trump is using tariffs to rewire the global economic order in a flurry of on-again, off-again maneuvers, arguing they will boost U.S. Factories and generate revenue. But his strategy has already triggered retaliation from major trading partners, rattled markets and upended diplomatic ties.
On Wednesday, the European Union announced up to $28 billion in retaliatory tariffs on U.S. Goods, shortly after President Trump’s sweeping levies on steel and aluminum imports took effect. The Canadian government said that it would impose new retaliatory tariffs on $20 billion worth of U.S. Imports in response to the latest Trump measures.
A day earlier, Mr. Trump escalated his fight with Canada, threatening to double tariffs on steel and aluminum imports before both sides backed down, at least temporarily.
The economic strain is beginning to show. Stocks are tumbling, and consumer anxiety is rising.
What exactly are tariffs, and how do they work? Who really pays for them?
A tariff is a government surcharge on products imported from other countries.
Understanding tariffs means understanding how manufacturing, trade and supply chains function — and how costs build along the way.
Understanding who will end up paying for the higher costs means understanding how manufacturing, trade and supply chains function — and how costs build along each step of the complex process. Take shoes, for example.
As of March 12
Source: Peterson Institute for International Economics, Wells Fargo Economic Insights
The New York Times
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