President Trump's announced reciprocal tariffs, aiming to match foreign tariffs on U.S. goods, could upset decades of trade agreements and provoke retaliation from partners like the EU and Canada. As Trump bolsters taxes on imports, including 10% on China and a potential 25% on steel, economists warn of negative impacts on consumers and global trade. Meanwhile, the UK government is introducing the 'Plan for Steel' to support its steel industry amid concerns about U.S. tariffs. The proposed tariffs include value-added taxes (VATs), complicating U.S. trade relationships as the administration formulates detailed calculations due by April 1.