Europe has said it will impose counter-tariffs on US goods. Plus, Ukraine agrees to 30-day ceasefire, placing onus on Russia to reciprocate
Good morning.
Donald Trump’s global tariffs on steel and aluminum imports came into force on Wednesday, placing a 25% tax on all imports of the metals into the US from any country “with no exceptions or exemptions.”
The move threatens to push up prices for consumers as they bear the brunt of resulting product cost rises, in everything from houses and vehicles to home appliances and beverage cans.
Before the deadline, Trump warned he would double tariffs on Canadian steel and aluminum after Canadian threats to raise electricity prices for US customers. The Ontario premier, Doug Ford, subsequently agreed to suspend his province’s decision to do so, and Trump backed down.
How are other global trading partner responding? The European Commission immediately said it would introduce counter-tariffs on $28bn-worth of US goods from April. Meanwhile, a movement to boycott US goods is picking up speed internationally.Ukraine agrees to 30-day ceasefire as US prepares to lift military aid restrictions
Ukraine said it was ready to accept an immediate 30-day ceasefire after negotiations in Saudi Arabia, issuing a joint statement with the US that placed the onus on Russia to reciprocate.
Trump said he hoped Vladimir Putin would agree to the truce, which would mark the first in the three-year war. The US also said it would immediately end its suspension of military aid and intelligence-sharing with Kyiv. Within hours of the joint statement, Russia launched an air attack on Kyiv.
The announcement also mentioned plans for a controversial minerals deal that would hand the US a 50% stake in revenues from the sale of Ukraine’s mineral wealth, which Trump claimed would give Ukraine security guarantees by tying Washington’s interests to Kyiv’s.
When will the US speak to Russia? Trump’s special envoy, Steve Witkoff, is expected to travel to Moscow this week to propose the ceasefire to Putin, though it is unclear if the Russian president is ready to accept it.
