Canada and the European Union yesterday announced another round of tariffs on US imports, with Canada applying a 25% levy on steel products and the EU targeting a range of
products. Officials said the moves were retaliatory for tariffs put in place by the Trump administration (see tracker).
The US exports roughly $2T annually to countries around the globe (second to China, at around $3.5T). Generally speaking, tariffs act as taxes on imports into the country that levies the fee. The administration has generally favored using tariffs to affect policy, focusing on fentanyl production and illegal immigration, having put in place broad 25% tariffs on imports from Mexico and Canada before moderating the rules. The day-to-day changes have left many in a state of uncertainty.
Check out 1440's overview on tariffs and how they work here.
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