Global Trade War

The escalating US-EU trade war is threatening their $9.5 trillion economic relationship, risking damage to goods trade, investments, and broader trans-Atlantic business ties.

EU to impose counter tariffs | Trump issues warning | Tax on $28 billion in US goods | N18G

The European Union announced it will impose counter tariffs worth $28 billion on U.S. goods starting next month, in response to U.S. tariffs on steel and aluminum. European Commission chief Ursula von der Leyen emphasized that the EU’s countermeasures are strong but proportionate to the U.S. actions. The new tariffs will come into effect by April 13, 2025, following the end of the EU's suspension of tariffs on U.S. products, which includes items like boats, bourbon, and motorbikes. Meanwhile, U.S. President Donald Trump implemented a 25% tariff on steel and aluminum imports on March 12, 2025, ending previous exemptions. Trump also criticized Ireland’s tax policies, claiming they caused U.S. companies to relocate there. He argued that the U.S. should have prevented this and that reciprocal tariffs would aid American manufacturing. The move intensifies a global trade war, with both sides taking measures to protect their domestic industries.

Germany says Trump's tariffs, sanctions destroy jobs and growth

Turning to the US sanctions against Iran, the minister said Germany and its EU allies would continue to support companies doing business with Iran despite US pressure.

Gold steady as spectre of global trade war recedes

Spot gold was mostly flat at $1,346,20 per ounce by 1030 GMT, after hitting its loftiest since Feb. 19 at $1,350.76.

Global trade war may impact India: Assocham

"If the tariff war escalates into a full-scale global trade war, it would have a collateral damage for the Indian economy as well, with the country's exports taking a hit, current account deficit facing pressure and the GDP taking a setback," the chamber said in a statement.