U.S.-Canada-EU Trade War Escalates: $60 Billion in Retaliatory Tariffs Imposed

Latest Developments:

• EU imposes €28 billion ($30B) in retaliatory tariffs on U.S. goods (steel, aluminum, appliances, poultry)

• Canada adds 25% tariffs on $20.7B of U.S. exports (steel, tech, sporting goods)

• Direct response to U.S. Section 232 metals tariffs

Key Impacts:

1. U.S. Exporters Face:

   • 10-15% projected revenue drop in affected sectors

   • Agricultural losses estimated at $3.2B annually

2. Consumer Effects:

   • EU pork prices expected to rise 8-12%

   • Canadian electronics costs up 5-9%

3. Global Fallout:

   • WTO warns of 0.5% reduction in 2024 global trade growth

   • Auto/aircraft supply chains at highest risk

Statements:

• EU Trade Commissioner: "We will mirror every U.S. tariff until balance is restored."

• Canadian PM: "This is about fair competition, not escalation."

What’s Next?

• April 18: EU phase-2 tariffs take effect (targeting $18B more in U.S. goods)

• May 1: G7 emergency trade talks scheduled