Independent, Uk - In May 2018, Trump placed a 25 percent tariff on steel and 10 percent tariff on aluminum from most countries, citing national security, the Financial Times reports. The next month, the tariffs were expanded to include the European Union, Canada and Mexico.
As a result, steel and aluminum imports dropped almost immediately, according to the Financial Times. The tariffs then sparked widespread backlash, the Financial Times reports, including tariffs from the European Union on $2.8 billion worth of US imports.
The EU targeted steel, agricultural products and other goods, including iconic American items like bourbon whiskey and Harley-Davison motorcycles. Annual American whiskey exports to the EU have since dropped by a third, representing a loss of about $256 million, according to the Financial Times.
Amid the backlash, Trump later granted exemptions to some countries, including Canada and Mexico.
Meanwhile, American car manufacturers were impacted as domestic steel producers used the tariffs to drive up their own prices, the Financial Times reports. American companies that made things like nails or wire baskets were also at a disadvantage because the tariff only applied to steel and aluminum, not products made from those metals, NPR reports.
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