After announcing his intention to do so a few months ago, President Trump has officially imposed tariffs on steel and aluminum imported from Canada, Mexico, and the EU, angering and provoking the United States' closest allies.
The creation of these new tariffs stems from Trump's belief that the U.S. has been treated unfairly and taken advantage of in the global trade market. While advisers have warned Trump against this because these tariffs will likely negatively affect U.S. business and consumers, Trump is still under the impression that imposing these tariffs will benefit the country.
Economist Douglas Irwin notes, "It's unprecedented to have gone after so many U.S. allies and trading partners, alienating them and forcing them to retaliate. It's hard to see how the U.S. is going to come out well from this whole exercise."
And retaliate, they have. Angered by this new policy, the EU has promised to impose taxes on bourbon and Harley-Davidsons, distinctly American products.
Canada and Mexico have also slapped levy import taxes and surtaxes on a multitude of produce, food products, and American steel. Canadian Prime Minister Justin Trudeau called Trump's insidious protectionism an affront to the long held military alliance between Canada and the United States.
