WASHINGTON, D.C. — The Trump administration delivered a gut punch to America’s closest allies Thursday, imposing tariffs on steel and aluminum from Europe, Mexico and Canada in a move that drew immediate vows of retaliation.
Stock prices slumped amid fears of a trade war, with the Dow Jones industrial average falling nearly 252 points, or 1 percent, to 24,415.84.
The import duties threaten to drive up prices for American consumers and companies and are likely to heighten uncertainty for businesses and investors around the globe.
Commerce Secretary Wilbur Ross said the tariffs — 25 percent on imported steel, 10 percent on aluminum — would take effect Friday.
President Donald Trump had originally imposed the tariffs in March, saying a reliance on imported metals threatened national security. But he exempted Canada, Mexico and the European Union to buy time for negotiations — a reprieve set to expire at midnight Thursday.
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