Live Updates: U.S. Inflation Shows Improvement Amid Worries About Tariffs and Trade Wars

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European Union leaders have been clear that they want to negotiate with the United States on trade to avoid a full-blown conflict. But with no deal in sight, officials announced a plan on Wednesday that is meant to hit back hard as steel and aluminum tariffs come into effect.President Trump has imposed 25 percent tariffs on all global steel and aluminum imports, including products that contain those metals, such as cookware and window frames. Given that breadth, the European Union said that the U.S. levies might affect some 26 billion euros — $28 billion — of the bloc’s exports.So the bloc announced a plan that is meant to retaliate in nearly equal measure.The response will come in two parts. The bloc had increased tariffs on a range of goods in retaliation to U.S. measures during Mr. Trump’s first term, but they were suspended under the Biden administration. That suspension will be allowed to lapse on April 1, increasing tariffs on $4.5 billions of euros worth of products that include boats, bourbon and motorcycles.The bloc’s secon …

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