U.S. trade policy with its allies has been changing course every other day, and it’s definitely hard to keep track of for most people. President Trump escalated tariffs to 50% on Canadian steel/aluminum (effective March 11), and he did so while threatening reciprocal tariffs to all countries that are tariffing U.S. goods. The 50% tariff plan was latter rolled back after Ontario agreed to halt its surcharge.
The global tariffs on steel and aluminum at 25% still went into effect. The European Union went on to announce counter-tariffs on $28 billion worth of U.S. goods in response to the metal tariffs, and President Trump threatened additional tariffs on the European Union. Canada also maintained its retaliatory tariffs.
The Trump administration has indicated that it is willing to go through pain. With that in mind, it’s a good idea to take a look into stocks that will shield your wealth if this keeps escalating.
This post originally appeared at Money Morning.