As global tariff tensions rise, here's the latest on U.S. trade with top partners

 

In less than two weeks, President Trump has upended global markets by imposing tariffs on imports from several of America's top trading partners.

 

With the initial shock still settling in, countries are taking different approaches in response — while also struggling to keep up with Trump's unpredictable on-again, off-again trade policies.

 

The European Union and Canada moved quickly this week, announcing billions of dollars in retaliatory tariffs. Others, like the United Kingdom, Mexico and China, are taking a more cautious approach.

 

Meanwhile, markets are in free fall, and economists are raising alarms about inflation and a possible U.S. recession.

 

Here's the latest on where things stand with some of America's biggest trading partners.

 

The European Union 

 

The European Union announced $28 billion in retaliatory measures on Wednesday, including levies on Kentucky bourbon, jeans and Harley-Davidson motorcycles.

 

European Commission President Ursula von der Leyen said the EU was acting to "protect consumers and business" after the Trump administration's move to place a 25% tariff on imports of steel and aluminum. 

 

She defended the EU countermeasures as "strong, but proportionate," and said Brussels "will always remain open to negotiation." 

 

The EU's retaliatory measures are scheduled to take effect in April, and will be introduced in two stages.

 

Starting April 1, the 27-nation bloc will reimpose $4.9 billion worth of tariffs that date back to Trump's first term.

 

On April 13, an additional round of new tariffs will be placed on over $19 billion worth of U.S. goods, subject to approval of EU member states. They would include levies on agricultural products, industrial machinery and household appliances. Some tariffs in this round would specifically target products produced in Republican states.

 

In response, on Thursday, Trump called the EU "the most hostile and abusive taxing and tariffing authorities in the World." He threatened to impose a 200% tariff on European alcohol.

 

The United Kingdom

 

Unlike the EU, the U.K. has taken what British Prime Minister Keir Starmer calls a more "pragmatic" approach, opting not to retaliate against Trump's steel and aluminum tariffs.

 

"Obviously, like everybody else, I'm disappointed to see global tariffs in relation to steel and aluminium," Starmer told lawmakers Wednesday.

 

"But we will take a pragmatic approach. We are, as [Trump] knows, negotiating an economic deal which covers and will include tariffs if we succeed. But we will keep all options on the table."

 

The U.S. imports more than $450 million of steel from the U.K. annually.

 

Gareth Stace, the head of UK Steel, an industry group, says it's "hugely disappointing" and will "hit us hard."

 

The U.S. and U.K. are negotiating a bilateral trade deal, which would likely eliminate tariffs.

 

Canada

 

Canada imposed new retaliatory tariffs against the U.S. on Wednesday, targeting $20.6 billion in U.S. imports.

 

These measures, which took effect early Thursday, include a 25% tariff on $8.8 billion worth of U.S. steel products, $2 billion in aluminum products, and other goods such as sports equipment, cast iron and computers.

 

This marks the latest development in a dizzying tit-for-tat trade dispute between the two nations, sparked by Trump's 25% tariffs on most imports from Canada and Mexico, which took effect earlier this month.

 

Shortly after imposing the tariffs, Trump temporarily lifted them on automobiles and goods covered by the U.S.-Mexico-Canada Agreement, delaying enforcement until April 2.

 

The back and forth didn't stop there.

 

Earlier this week, Ontario Premier Doug Ford imposed 25% retaliatory tariffs on electricity exports to Minnesota, Michigan and New York, and warned that electricity could be cut off entirely if Trump escalated the trade conflict.

 

In response, Trump proposed 50% tariffs on steel and aluminum, but reversed this decision 24 hours later.

 

Canada's finance minister, Dominic LeBlanc, along with Ontario Premier Ford will lead a trade delegation to Washington, D.C., on Thursday to meet with the Trump administration and discuss trade matters.

 

Mexico

 

Mexico had initially planned to impose retaliatory tariffs in response to U.S. tariffs on steel and aluminum imports, but President Claudia Sheinbaum suspended these plans ahead of the April 2 deadline.

 

The tariffs on all auto imports and goods compliant with the United States-Mexico-Canada Agreement were also postponed.

 

Mexico had indicated it would place levies on U.S. goods, but has opted to hold off for now.

 

 

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