Michelle Fleury

Jason Goldstein runs Icarus Brewing in New Jersey, making craft beer for the past eight years. He says he'll feel the effects of the tariffs because he depends on aluminium and steel to make, package and sell beer.

He fears it will go beyond metal tariffs, causing even more damage to his business.

The metal tariffs cut deep into the heart of America's manufacturing base. At Linda Toole, they make parts for the aerospace industry. They use mostly domestic milled steel.

Like Mr Trump, company president Mike DiMarino wants to see more goods made in America. But he's not sure if tariffs are the best way to achieve this.

So what happens in the meantime?

The new tariffs come as the US clashed with Canada over new 50% tariffs on Canadian metals, triggered by a surcharge Ontario placed on electricity exports to the United States. After several hours, both sides backed down. Ontario Premier Doug Ford said he reversed his decision after speaking to US Commerce Secretary Howard Lutnick.

Still, Mr Trump's new confrontation with Canada sent jittery markets tumbling again. The new tariffs come just as investors have shown, but their enthusiasm for Donald Trump's favourite foreign policy tool is very limited.

The OECD is attempting to assess the impact of President Trump's trade war in its latest update on the global economy. It concludes that tariffs will be bad for global economic growth and have a significant effect on living standards. Growth in the US is forecast to slow dramatically, according to the Paris-based group, with inflation likely to pick up this year.

And the outlook for Canada and Mexico is even worse. President Trump has imposed tariffs on once-close allies like Canada, Mexico and the European Union, as well as rivals like China, with more tariffs expected at the start of April.

The ban will prevent oil companies from leasing waters for new drilling along the east and west coast, the eastern Gulf of Mexico and Alaska's Bering Sea. It's an attempt to protect Joe Biden's climate legacy from President-elect Donald Trump, who has pushed for more oil and gas drilling and downplayed the effects of climate change.

Experts believe the law used, the Outer Continental Shelf Lands Act, can't easily be reversed. The Trump administration would need Congress to help change the law.

McKinsey will enter into a five-year deferred prosecution agreement resolving charges of conspiring to misbrand a drug and obstruction of justice. In addition, former McKinsey senior partner Martin Elling is set to plead guilty to obstruction for destroying records related to the case. Prosecutors say McKinsey gave Purdue advice on how to turbocharge sales of its drug OxyContin.

Today's agreement comes after McKinsey previously settled nearly $1 billion in lawsuits over its work with Purdue and other drug makers. Purdue Pharma itself pleaded guilty in 2020 to criminal charges related to its role in fueling America's opioid crisis.

You're talking about a sort of once iconic American business, U.S. Steel. It was once the biggest company in America, but it has fallen on hard times. And this deal to buy it by nip on steel was meant to be kind of a lifeline that was going to inject much needed money into the company site just outside of Pittsburgh in Pennsylvania to revive its fortunes and kind of future proof it, if you like.

But right from the beginning, it was controversial, both in economic terms. Critics were concerned that because Nippon Steel was Japanese, that maybe jobs in the US would be lost. There was some support from politicians locally on that front. There was also concern that this was happening in a swing state during an election year.

And so you saw both President Biden but also President-elect Donald Trump coming out against this deal. And now we've got confirmation of that in one of his last acts as president, Joe Biden now blocking this deal, saying that it was bad on national security grounds and that it was critical to preserve not just U.S. jobs but also U.S.

Yeah, I mean, look, Nippon Steel had sort of bent over backwards to try and kind of accommodate the concerns from American politicians. I mean, they'd even gone so far as to say they were going to give veto power to the company over future decisions to kind of downsize US operations. But that wasn't enough to win approval. And now Nippon Steel and U.S.

Steel have said they are going to take all appropriate action to protect their legal rights. In other words, they plan to challenge Biden's move in court. Part of this has to do with kind of how the process played out. There is a regulatory body whose job. is to kind of review foreign investment and decide whether or not there's a national security concern.

And that committee actually was unable to reach a decision. And so it was sort of punted to the administration, to the White House to make the final call. And they're saying that the whole process kind of wasn't fair.

So I suspect that will be the legal argument that they will kind of try and push the government to provide evidence of what this national security concern is exactly, especially when you're talking about a Japanese buyer of an American firm. Remember, Japan is a big US ally.