The US plans to reinstate 25% tariffs on steel and aluminum imports, prompting criticism from EU officials who warn of inflationary consequences and the emergence of a 'lose-lose scenario.' EU trade commissioner Maros Sefcovic assured countermeasures while German Chancellor Olaf Scholz cautioned against trade wars harming both parties. Hong Kong is set to challenge the tariffs at the WTO. This decision, backed by Trump, aims at rejuvenating the American economy, but raises concerns about its broader impacts on international trade relations.
The decision to resume 25% tariffs on steel and aluminum imports will fuel inflation and create a 'lose-lose scenario', according to EU trade commissioner Maros Sefcovic.
German Chancellor Olaf Scholz stated that trade wars always cost both sides prosperity, highlighting the EU's hope to avoid retaliation against US tariffs.
Hong Kong's chief secretary, Eric Chan, announced plans to file a complaint with the World Trade Organization regarding recent US tariffs.
Trump emphasized that the tariffs would be imposed 'without exceptions or exemptions', framing it as 'the beginning of making America rich again'.
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