Canada, Europe hit back after US metals tariffs kick in

LONDON -- The European Union and Canada announced retaliatory tariffs on Wednesday after the Trump administration's metals duties went into effect, broadening a trade war with several of America's top trading partners.

The U.S. at midnight began imposing 25% tariffs on all steel and aluminum imports from all trading partners, with no exceptions or exemptions, the White House said.

Global trade tensions rattled U.S. stocks. The Dow Jones Industrial Average fell 330 points, or 0.8%, while the S&P 500 dropped 0.25%. The tech-heavy Nasdaq ticked up 0.25%.

Officials representing the European Union said member states would place countermeasures on some 26 billion euros, or about $28 billion, worth of U.S. goods. Ursula von der Leyen, president of the European Commission, said in a statement that the EU "must act to protect consumers and business."