Which nation ultimately bears the cost of a tariff depends on what that country makes and its pull in the global market.

The comments came after the US president ordered a 25% import tax on all steel and aluminium entering the US, ending previous exemptions for allies including Canada and the EU and marking a major expansion of trade barriers. Trump said he was "simplifying" the rules and the measures would boost domestic production.

President Donald Trump on Monday imposed a 25% tariff on all steel and aluminum imports into the United States with no exceptions or exemptions.

Existing American tariffs already restrict steel and aluminum shipments from China, which is now flooding other markets with its exports instead.

President Donald Trump’s tariffs on steel imports this week are likely to wreak havoc on American auto manufacturing, industry leaders say

President Donald Trump on Monday expanded his steel and aluminum tariffs to cover all imports, effectively canceling deals with the European Union, the United Kingdom, Japan and others. The new executive orders build off the 25 percent tariff on steel and the 10 percent tariff on aluminum Trump imposed in 2018 during his first administration by raising duties,

Also in today’s newsletter, ‘If there’s no immigrant labour, there’s no milk, no cheese, no butter, no ice cream’