Luke Vargas

And the People's Bank of China has kept benchmark lending rates unchanged following the Federal Reserve in holding rates steady. China's one-year loan prime rate is at 3.1 percent, and the five-year rate remains at 3.6 percent. The Bank of England is also widely expected to keep its key interest rate steady at 4.5 percent when it issues its latest rate decision at 8 a.m. Eastern.

And the People's Bank of China has kept benchmark lending rates unchanged following the Federal Reserve in holding rates steady. China's one-year loan prime rate is at 3.1 percent, and the five-year rate remains at 3.6 percent. The Bank of England is also widely expected to keep its key interest rate steady at 4.5 percent when it issues its latest rate decision at 8 a.m. Eastern.

And that's it for What's News for this Thursday morning. Today's show was produced by Daniel Bach and Kate Bullivant with supervising producer Sandra Kilhoff. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Until then, thanks for listening.

And that's it for What's News for this Thursday morning. Today's show was produced by Daniel Bach and Kate Bullivant with supervising producer Sandra Kilhoff. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Until then, thanks for listening.

The EU hits back as U.S. steel and aluminum tariffs kick in. We'll look at how President Trump's latest trade moves will impact the global metals market. Plus, Ireland's tariff fears threaten to overshadow St. Patrick's Day festivities at the White House. And voters in Greenland slow walk independence as Washington sizes up the territory's minerals.

The EU hits back as U.S. steel and aluminum tariffs kick in. We'll look at how President Trump's latest trade moves will impact the global metals market. Plus, Ireland's tariff fears threaten to overshadow St. Patrick's Day festivities at the White House. And voters in Greenland slow walk independence as Washington sizes up the territory's minerals.

It's Wednesday, March 12th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. 25% U.S. tariffs on all steel and aluminum imports went into effect at midnight.

It's Wednesday, March 12th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. 25% U.S. tariffs on all steel and aluminum imports went into effect at midnight.

The measures bear similarity to 25% steel and 10% aluminum tariffs that President Trump embraced in his first term and aims to address what Trump and his team say is an unfair global steel trade in which foreign government subsidies and other trade barriers allow countries to sell steel to American customers cheaper than U.S.-made metals.

The measures bear similarity to 25% steel and 10% aluminum tariffs that President Trump embraced in his first term and aims to address what Trump and his team say is an unfair global steel trade in which foreign government subsidies and other trade barriers allow countries to sell steel to American customers cheaper than U.S.-made metals.

So what effect will the new tariffs have on America's trading partners and its domestic manufacturers? Nicole Vogt is a managing director at Boston Consulting Group and the firm's Global Metals co-lead. Nicole, what does this U.S. action mean for steel producers around the world?

So what effect will the new tariffs have on America's trading partners and its domestic manufacturers? Nicole Vogt is a managing director at Boston Consulting Group and the firm's Global Metals co-lead. Nicole, what does this U.S. action mean for steel producers around the world?

In terms of, I mean, we can look back to Trump's first term for an example of how these similar tariffs went into effect. And you did see a lot of countries end up, as you alluded to, they're getting exclusions or seeing their products put under duty-free quotas. Australia, Brazil, Canada, Mexico, Japan.

In terms of, I mean, we can look back to Trump's first term for an example of how these similar tariffs went into effect. And you did see a lot of countries end up, as you alluded to, they're getting exclusions or seeing their products put under duty-free quotas. Australia, Brazil, Canada, Mexico, Japan.

South Korea, the EU and the UK, among others, this time around, the White House is saying we're not going to do that. Those were loopholes effectively that let Chinese steel into the US. And assuming that is the case, I'm curious how the global production landscape has for these metals has changed since Trump's first term.

South Korea, the EU and the UK, among others, this time around, the White House is saying we're not going to do that. Those were loopholes effectively that let Chinese steel into the US. And assuming that is the case, I'm curious how the global production landscape has for these metals has changed since Trump's first term.

Have they in a way that might alter how these American measures go into effect?

Have they in a way that might alter how these American measures go into effect?

As we look to the US, Nicole, which industries would we be most likely to see affected by these tariffs? I know automakers may be one of them. We've already seen them hit by the tariffs on Mexico and Canada. What else is worth watching?

As we look to the US, Nicole, which industries would we be most likely to see affected by these tariffs? I know automakers may be one of them. We've already seen them hit by the tariffs on Mexico and Canada. What else is worth watching?