Hundreds of Canadian workers, many in the steel and aluminum sectors, have been laid off as a result of U.S. President Donald Trump's tariffs, according to a major union and companies. Economists warned this was only the beginning as the impact of tariffs is expected to broaden the longer they are in place.

US President Donald Trump announced changes to Section 232 tariffs on steel and aluminum imports beginning March 12.

If the tariffs are fully passed onto consumers, the average auto price could jump by $12,500, a sum that could feed into overall inflation.

US President Donald Trump has announced new import taxes of 25% on cars and car parts coming into the US in a move that threatens to widen the global trade war. Trump said the latest tariffs would come into effect on 2 April, with charges on businesses importing vehicles starting the next day. Charges on parts are set to start in May or later.

Asian Shares Sag After Trump Raises Tariffs on Auto Imports TOKYO (AP) — Shares sagged Thursday in Asia, apart from China, after President Donald Trump announced he will slap 25% tariffs on imported cars.