President Trump has increased tariffs on all steel and aluminum imports to 25%, extending these duties to numerous downstream products. This move has prompted significant retaliatory measures from Canada and the EU, contributing to global economic uncertainty.

The tariffs are raising concerns about deepening Germany's recession, which has already contracted for two years. The EU's retaliatory measures are set to take effect soon, further straining economic relations.

The tariffs could lead to a global trade war, causing economic slowdown, increased inflation, and heightened international tensions. They may also result in job losses and higher consumer prices, affecting economic stability worldwide.

Canada is planning to impose retaliatory tariffs on U.S. goods worth C$29.8 billion. This includes tariffs on steel, aluminum, computers, sports equipment, and other products.