Key Points:

• Trump imposes 25% tariffs on steel and aluminum, announced while on Air Force One.
• European and Asian markets react positively, indicating possible "tariff fatigue."
• Warnings of retaliatory measures from Europe and China spark concern over trade war impacts.

On February 10, US President Donald Trump enacted a suite of 25% tariffs on steel and aluminum imports, a move that marks a significant escalation in his trade policies, which have been a hallmark of his administration. The announcement came as he was airborne to the Super Bowl, with Trump emphasizing that "it's 25% without exceptions or exemptions" during his press conference, signaling a more aggressive economic stance than in previous months. The Bangkok Post reported the immediate implications could reverberate across global markets.

Despite his firm stance, global stock markets showed resilience, with many traders appearing to exhibit "tariff fatigue". After the announcement, markets in Europe and Asia experienced a modest rise, indicating a potential indifference to the tariffs introduced. This reaction is notable considering the market turbulence often triggered by such news, as mentioned by Channel News Asia.

In defending the tariffs, Trump proclaimed that steel production was central to his vision of an "America First Golden Age", a theme echoed by National Economic Council Director Kevin Hassett. The tariffs are particularly targeted at major steel-importing nations, such as Canada and Mexico, while Brazil and South Korea are also significant contributors to the US steel market. Trump has, however, suggested that Australia may receive an exemption due to favorable trade conditions, as noted by Le Monde.

The announcement provoked swift reactions from international leaders. The European Commission has vowed to "react to protect the interests of European businesses, workers and consumers" from what it deems unjustified measures. Various European leaders, including French President Emmanuel Macron and Germany's Economy Minister Robert Habeck, echoed sentiments regarding the potential for widespread economic fallout, suggesting that "a tariff conflict only has losers." Approximately 25% of European steel exports are directed to the United States, heightening concerns over the tariffs' impact.

Meanwhile, China, which has been the focus of previous tariffs, also responded critically. A spokesperson for the Chinese foreign ministry stated that "there is no winner in a trade war", a sentiment reflecting the fears surrounding retaliation and escalating tensions. Following this announcement, Chinese tariffs on US coal and liquified natural gas were set to commence, further complicating the trade landscape.

Despite the tumult of the tariff announcement, US stock indices finished favorably, with notable highs in London and Frankfurt as well. According to market analysts, this phenomenon might indicate a collective resilience against tariff announcements, which traders are beginning to approach with a sense of normalization, as highlighted by market analyst Kathleen Brooks.

The ripple effects of Trump's latest tariff decisions are still unfolding, yet they underscore the complicated nature of modern international trade amid escalating nationalistic rhetoric from the highest levels of American government. For continued coverage, visit marketplace news sources like those from Bangkok Post, Le Monde, and Channel News Asia.