Isabella Kwai, Jeanna Smialek, Colby Smith and Ana Swanson
Global trade worries deepened on Wednesday as the European Union and Canada announced billions of dollars in retaliatory tariffs on U.S. exports after President Trump’s across-the-board levies on steel and aluminum imports took effect. Economists worry that the trade fight instigated by Mr. Trump will over time dent economic growth and lift U.S. consumer prices, which rose slightly less than analysts expected in February, according to inflation data released Wednesday.
Mr. Trump has appeared undeterred by the uncertainty and fear that his tariffs, targeted at friends and foes alike, have injected into the global economy. In remarks at the White House, he talked about the so-called reciprocal tariffs he planned to put on other countries in April, and said of the new E.U. retaliation on Wednesday, “Of course I’m going to respond.”
Data showing cooler-than-expected inflation helped stocks rebound, rolling back some losses from recent days. But while the S&P 500 index finished up 0.5 percent for the day, trade tensions and lingering uncertainty continued to weigh on investors and governments.
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