| President Donald Trump went ahead with 25% tariffs on global steel and aluminum imports, reviving one of his first-term strategies aimed at repatriating factory jobs and widening his trade wars to most of the world’s major economies. Beaten down in the days leading up to his well-telegraphed deadline on Wednesday, financial markets took things in stride on implementation day: Stocks edged up in Asia, along with futures for European and US markets. Trump downplayed the earlier equities selloff, saying he doesn’t foresee a US recession and that the country is going to “boom” this year thanks to his tariff policies. Read More: From Baseball Bats to Caskets, Trump Tariffs Set to Hit Home Perhaps the market’s muted response stems from the measured responses from most major exporters hit by Trump’s latest volley of import taxes. Most declined to immediately return fire. The European Union announced countermeasures, but left time to negotiate before its retaliatory tariffs kick in. Here’s a quick spin around the world of trade in the past 12 hours showing where things stand heading into the US morning: - World leaders from New Delhi to Brussels are watching Canada as an example of what happens when you hit back hard at Trump’s strong-arm tactics.
- The EU announced a plan to impose its own duties on €26 billion worth of American goods.
- China declined to comment but looked to be taking an asymmetric approach: summoning Walmart executives to express its concern after the US retailer reportedly urged its mainland suppliers to absorb increased American trade tariffs.
- Other major exporters of the metals including Japan, South Korea, Australia and the UK refrained from quick retaliation.
- The global steel market is barreling toward a war on multiple fronts as politicians pursue measures to stem imports of the metal that’s served as the cornerstone of industrialization.
- Norway is working to persuade the EU to exempt it from any broad protective tariff set by the 27-nation bloc in response to Trump’s trade wars.
- Here’s a cool riff on Electro-Harmonix, a US company that makes guitar effects pedals. It’s struggling to absorb the cost of tariffs on imported components from China, Taiwan, and Southeast Asia.
—Brendan Murray in London Click here for more of Bloomberg.com’s most-read stories about trade, supply chains and shipping. | 
