The global economy is on edge as President Trump’s 25% steel and aluminum tariffs spark a full-scale trade war. Canada, the EU, China, Australia, and India have retaliated with billions in countermeasures, threatening U.S. businesses and markets. The European Union is imposing $26 billion in penalties, while Canada has announced nearly $30 billion in counter-tariffs. With Trump initially considering a 50% duty on Canadian metals, world leaders warn of dire economic consequences. Will this aggressive trade stance backfire on the U.S. economy? Watch OneIndia’s full report for expert insights and global reactions.
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NewsTranscript
00:00The tariffs are going to save a lot of industries.
00:02My government will keep our tariffs on until the Americans show us respect.
00:07Canada has not been treating us very fairly.
00:10I saved the steel industry in my first term by putting on tariffs
00:14because China was dumping massive amounts of steel.
00:17100% tariff on agricultural products from India.
00:20Australia has no tariffs on goods from the United States
00:24and of course we have a free trade agreement with the United States.
00:29So Donald Trump thinks, thinks he can weaken us with his plan to divide and conquer.
00:36The president is again responding to the fact that Canada has been
00:41ripping off the United States of America and hard-working Americans for decades.
00:46If you look at the rates of tariffs across the board that Canadians have been imposing
00:51on the American people and our workers here, it is egregious.
00:55In fact, I have a handy-dandy chart here that shows not just Canada
00:59but the rate of tariffs across the board.
01:01If you look at Canada, since you brought it up, American cheese and butter, nearly 300% tariff.
01:08You look at India, 150% tariff on American alcohol.
01:12You think that's helping Kentucky bourbon be exported into India?
01:16I don't think so.
01:17100% tariff on agricultural products from India.
01:20Look at Japan tariffing rice, 700%.
01:24President Trump believes in reciprocity and it is about dang time that we have a president
01:29who actually looks out for the interests of American businesses and workers.
01:33And all he's asking for at the end of the day are fair and balanced trade practices
01:38and unfortunately Canada has not been treating us very fairly at all over the past several years.
01:44I saved the steel industry in my first term by putting on tariffs
01:47because China was dumping massive amounts of steel.
01:51Others also, but mostly China.
01:52And I put very substantial.
01:54We took in $600 billion worth of tariffs from China.
01:58No other presidents taken up, literally haven't gotten $0.10 from China, not $0.10.
02:04And hundreds of billions of dollars came in from China.
02:07And they understood it.
02:09They understood what I did.
02:10But the dumping stopped.
02:12And had I not done that, you wouldn't have one steel mill.
02:15I think I can say not one steel mill operating in this country.
02:20And we need steel.
02:21We need steel.
02:22I mean, there are some things you have to have.
02:23And steel is one of them for military, etc.
02:26So I think steel is going to be very strong.
02:30It's going to be very strong.
02:31I think it'll go back to being really powerful.
02:33We saved it.
02:35I mean, we were talking about U.S. steel last week.
02:38U.S. steel would have been closed, totally closed.
02:41We saved it.
02:43And now it's going to become, I think, very, very profitable.
02:46The tariffs are going to save a lot of industries.
02:49I took a walk with me here.
02:50So this company has about 60,000 square foot property, storing 3,000 tons of metal.
02:57And the owner tells me the President Trump's tariff on aluminum and steel
03:01will help set the more competitive prices.
03:04What we hope that the tariffs will bring is some type of stability to the U.S. pricing.
03:08It allows a little bit more money to be made on the mill level,
03:12on the intermediate level like us.
03:13University of Colorado Colorado Springs Operations Management Professor Scott Van Ness
03:19says the tariff is good news for some U.S. companies.
03:22Because this is an opportunity for them to gain a market share.
03:25And the investors have already jumped on board with that.
03:28The United States' decision to impose tariffs on Australian steel and aluminum
03:34as part of a global decision are concerning.
03:38It has been foreshadowed that no country, regardless of its relationship
03:43with the United States, has been granted an exemption.
03:47Such a decision by the Trump Administration is entirely unjustified.
03:53This is against the spirit of our two nations' enduring friendship
03:58and fundamentally at odds with the benefits that our economic partnership
04:03has delivered over more than 70 years.
04:07Australia has no tariffs on goods from the United States.
04:11And of course, we have a free trade agreement with the United States.
04:16Our government will continue to put forward a very strong case for an exemption.
04:21Noting that the last time this occurred, it took months for that exemption to be granted.
04:28We will advocate for Australian trade with the United States at every level
04:33and through every channel.
04:36Australia will continue working hard for a different outcome
04:40and discussions with the Trump Administration are ongoing.
04:44Our government is prepared and has been engaging directly
04:47with the Australian steel and aluminum industry
04:51and will continue to work through this with them.
04:55As with other products and resources that Australia has,
04:58we will continue to diversify markets for our products which are in demand globally.
05:06The European Union must act to protect consumers and business.
05:12The countermeasures we take today are strong but proportionate.
05:18As the United States are applying tariffs worth 28 billion dollars,
05:24we are responding with countermeasures worth 26 billion euros.
05:30This matches the economic scope of the tariffs of the United States.
05:36China has always believed that there is no way out of protectivism.
05:39There is no winner in the trade war and the tariff war.
05:42This is also the general consensus of the international community.
05:45The U.S. has seriously violated the rules of the WTO
05:48and seriously damaged the multilateral trade system based on rules.
05:52There is no way to solve the problem.
05:54China will also take all necessary measures to maintain its legitimate rights.
05:59My government will put into action our plan to build a stronger economy,
06:03to create new trading relationships with reliable trading partners.
06:10My government will keep our tariffs on until the Americans show us respect.
06:19We will ensure that all the proceeds, all the proceeds
06:23from our tariffs will be used to protect our workers.
06:27In America, health care is a big business.
06:31In Canada, it is a right.
06:38America is a melting pot.
06:40Canada is a mosaic.
06:45And Canada never, ever will be part of America in any way, shape or form.
06:58So Donald Trump thinks, thinks he can weaken us with his plan to divide and conquer.
07:07Pierre Poilievre's plan will leave us divided and ready to be conquered.
07:15Because a person who worships at the altar of Donald Trump
07:19will kneel before him, not stand up to him.
07:27A plan that makes us an energy superpower in both clean and conventional energy.
07:35A plan that creates new trade corridors with reliable partners.
07:42A plan that creates one Canadian economy, not 13.
07:48Because in Canada, we are stronger when we're united.
07:51We can give ourselves far, far more than Donald Trump can ever take away.