Trump puts tariffs on steel and aluminium for EU, Canada, Mexico
Here's why this is slightly scarier than most economics news
He's only gone and done it. To the surprise of even his own party, Trump has put tariffs on steel and aluminium from the EU, Canada, and Mexico.
What it means: Trump says this is about 'national security'. He wants to protect American jobs and manufacturers, and redress the balance in trade between the US and its partners so that it's selling as much to them as it's buying from them (in economics words, that's 'closing the deficit').
Plus, all of the targeted countries are retaliating with their own tariffs on American goods – everything from blueberries to dishwasher detergents to Harley Davidsons will have a big tax added to their price tag abroad, which'll be bad news for producers of those goods in America trying to make a sale.