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The European Union on Wednesday announced retaliatory trade action with new duties on U.S. industrial and farm products, responding within hours to the Trump administration’s increase in tariffs on all steel and aluminum imports to 25%.
Other news we’re following today:
- Trump’s steel tariffs go into effect: Trump officially increased tariffs on all steel and aluminum imports to 25% on Wednesday, promising that the taxes would help create U.S. factory jobs at a time when his seesawing tariff threats are jolting the stock market and raising fears of an economic slowdown.
- Education Department layoffs: The Education Department plans to lay off more than 1,300 of its employees, a prelude to Trump’s plan to dismantle the agency. Department officials announced the cuts Tuesday, raising questions about the agency’s ability to continue usual operations.
- Affordable housing program halted: The Trump administration is halting a $1 billion program that helps preserve affordable housing, threatening projects that keep tens of thousands of units livable for low-income Americans, according to a document obtained by The Associated Press.
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