Pressed by high metal tariffs, global countries have only two options – give in or fight back?
President Donald Trump’s decision to double tariffs on steel and aluminum imports from 25% to 50% starting Wednesday has sent shockwaves through global markets and added pressure on U.S. allies.
The move, announced Tuesday, coincides with a deadline set by Trump for countries to submit their “best offer” to avoid a new wave of tariffs expected to begin in early July.
Now is not the time to be calculating — countries are lining up to submit ‘proposals’ like pitching contestants on Shark Tank.
So far, only the UK has survived after signing a preliminary agreement with Washington.
Canada and Mexico, the main suppliers of steel and aluminum to the U.S., are expected to be hit hard, with the aluminum market already seeing premium prices more than double this year.
Meanwhile, global negotiations with the US are still in full swing.
Trump’s trade team is demanding offers that include quotas on US goods, digital trade commitments and economic security – and most importantly, answers must be forthcoming!
These tariffs are like a global ‘late payment fine’ and Trump is the collector.
The clock is ticking, and Trump’s “Liberation Day” tariffs are fast approaching. And for many countries, the price of missing this deadline could be far more expensive than just dignity.
