Last week, President Donald Trump announced tariffs on the two most important metals in modern society â€“ aluminum and steel. He set a 25% tariff on imported steel and 10% on imported aluminum.
Immediately, gasps rang out across the markets – we import more steel and aluminum from Canada than from anyone else. The next three biggest suppliers are all our allies â€“ Brazil, South Korea and Mexico.
China, the real target of Trumpâ€™s ire, only supplies 3% of our steel. So exceptions to these tariffs will outnumber the rule, and basically erase most of their effects.