Hold onto your wallets, folks—U.S. trade policy just got a major shakeup! Former President Donald Trump signed an executive order Monday to raise tariffs on steel and aluminum imports to 25%, sparking swift outrage from global trading partners. The move, effective March 4, applies to all countries with no exceptions—though Australia might get a last-minute pass. 🛑
The policy includes a new North American standard requiring metals to be processed within the region, aiming to curb imports of minimally refined materials. But that's not all: tariffs will also hit downstream products like structural steel and aluminum extrusions, impacting industries from construction to energy drinks. 🥤💥
Sound familiar? In 2018, Trump's similar tariffs led to retaliatory taxes on U.S. goods like bourbon and motorcycles. This time, the EU, Canada, and Mexico are already gearing up for round two. Trump also teased future tariffs on cars, chips, and pharmaceuticals—cue the 'here we go again' memes. 💸
While the White House claims this protects U.S. industries, experts warn consumers could foot the bill—again. Remember 2019, when soda prices spiked due to aluminum costs? History might just be repeating itself. 🔄
