US tariffs on steel, aluminium: Why Canada and EU retaliated, while UK is holding out

In the first formal indications of outright trade war, Canada and the European Union, traditionally allies of the US, Wednesday (March 12) announced retaliatory measures to combat the sweeping tariffs on steel and aluminium imports to the US. The 25 percent tariffs on the metals came into effect earlier on Wednesday. However, some countries like the UK, Australia, Mexico and Brazil abstained from announcing immediate countermeasures. The UK, in particular, said it was hoping to negotiate a trade deal with US President Donald Trump, but would "keep all options on the table." Story continues below this ad "Like everybody else,…