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It’s been a whirlwind week within the commerce battle, with enterprise house owners and traders attempting to reply after the US imposed a sweeping 25% tariff on all metal and aluminum imported into the nation at midnight on Wednesday.

Right here’s the way it performed out: Hours earlier than enacting the most recent tariffs, Trump reversed a risk to double the speed on metal and aluminum from Canada, the US’s prime supply of imports for the metals. As an alternative, metal and aluminum from there will probably be topic to the 25% levy.

Who’s impacted? The tariff on metal and aluminum marks the primary time in Trump’s second time period {that a} tariff has been utilized to all nations.

Earlier than Wednesday, Trump had solely enacted tariffs that utilized to China, Mexico and Canada this time period. Within the case of Mexico and Canada, companies can keep away from paying tariffs via April 2 in the event that they adjust to the USMCA.

How have nations responded? The European Union swiftly retaliated by asserting simply hours later that it will impose duties on 26 billion euros ($28 billion) value of American items in response to the “unjustified” tariffs. The countermeasures have been “swift and proportionate,” it mentioned in an announcement.

Shortly earlier than they went into impact, Australian Prime Minister Anthony Albanese criticized the tariffs as “completely unjustified” and “towards the spirit of our two nations’ enduring friendship,” however mentioned Canberra will impose no reciprocal levies.

China is the one nation whose aluminum and metal will probably be tariffed at charges greater than 25%. That’s as a result of a 20% across-the-board tariff on Chinese language imports was already in impact previous to Wednesday, and the 25% metal and aluminum tariff will probably be tacked on prime of that, bringing the full tariff fee to 45% on metal and aluminum from there.