Global Macro Service > Research Briefings > United States

Trump scraps the metal tariff exemptions, what’s next?

The Trump administration will allow the temporary steel and aluminum tariff exemptions for the European Union, Mexico and Canada to expire at midnight. We don’t believe the economic fallout will be significant (steel and aluminum production employment accounts for only about 0.2% of total US jobs), but the risk is that this action sparks retaliation and an escalation of tensions

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