Australian Prime Minister Anthony Albanese says U.S. tariffs on Australian steel and aluminum are unjustified, but his government will not retaliate with its own tariffs.

Canada announced new 25% tariffs on about C$30 billion ($20.8 billion) of US-made products, including steel and aluminum, after the Trump administration went ahead with global levies on imports of those two materials.

The EU said Wednesday it will impose counter tariffs on $28 billion of U.S. goods to retaliate for 25% tariffs that President Donald Trump has imposed

Ursula von der Leyen, president of the European Commission, left, with Justin Trudeau, Canada’s prime minister, on Parliament Hill in Ottawa, Canada in 2023. The European Union and Canada on Wednesday promptly retaliated against Donald Trump’s latest tariff volleys, escalating his now-global trade war.

Inflation slowed more than expected in February and cooled for the first time in four months, but that progress may be short lived as President Donald Trump ramps up his trade war, which threatens to increase prices for Americans.

Safe-haven gold rose on Wednesday, aided by tariff uncertainty and a cooler inflation report that keep bets for a U.S. rate cut intact.Spot gold was up 0.7% at $2,934.93 an ounce as of 1610 GMT. U.S.

U.S. inflation slowed last month for the first time since September even as additional tariffs on steel and aluminum kicked in Wednesday that could send prices higher