Trump pledges to impose more tariffs

US President Donald Trump on Wednesday has pledged to impose more tariffs.

This is after his latest move to introduce import taxes on steel and aluminium imports prompted retaliation from the European Union (EU) and Canada.

Trump said “of course” he would respond to the countermeasures.

He repeated his warning to reveal “reciprocal” tariffs next month on countries around the world.

“Whatever they charge us with, we’re charging them,” he said.

The threat marked a further escalation of a trade war which has rattled financial markets.

This comes amid concerns over the impact on the economies and consumers in many countries around the world, including the US.

On Wednesday, Trump moved forward with a plan to widen US tariffs on steel and aluminium.

He imposed a blanket duty of 25% and ended exemptions that the US had previously granted for shipments from some countries.

That followed an order earlier this month that raised levies on Chinese imports into the US to at least 20%.

Trump has also threatened tariffs – which are taxes applied to goods as they enter a country – on a range of more specific items, including copper, lumber and cars.

Leaders in Canada and Europe called the new metals taxes unjustified.

They struck back with their own tariffs on a range of US products.

Other countries that are key US suppliers of metals, including the UK, Australia, Mexico and Brazil, held off on any immediate retaliation.

UK Prime Minister Sir Keir Starmer said,

“Like everybody else, I’m disappointed to see global tariffs in relation to steel and aluminium but we will take a pragmatic approach,

“We are…negotiating a deal which covers and includes tariffs if we succeed. But we will keep all options on the table.” he added.

Canada said from Thursday it would start charging a 25% tax on nearly C$30bn ($20bn; £16bn) worth of US products.

According to reports, these products include steel, computers and sports equipment.

Prime Minister-designate Mark Carney said he was ready to negotiate a renewed trade deal with Trump.

However, this negotiation was as long as there is “respect for Canadian sovereignty”.

The EU said it would raise its levies on up to €26bn ($28bn; £22bn) worth of US goods, including boats, bourbon and motorbikes, from 1 April.

EU President Ursula von der Leyen said the response was intended to be “strong but proportionate”.

He added that the EU stood “ready to engage in a meaningful dialogue”.

“Tariffs are taxes. They are bad for business and worse for consumers,” she said.

“Nobody needs that – on both sides, neither in the European Union nor in the United States.” she added.

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