Long-discussed tariffs became a reality last week when President Trump signed off on new taxes against imports from several of our staunchest allies.

Beginning Friday, the U.S. imposed tariffs on steel and aluminum imports from allies Canada, Mexico and the European Union. The news sent a ripple of shock through the stock market as investors sold shares of major industrial manufacturers due to heightened fears of a coming trade war, writes Champaign Williams for biznow.com. 

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Mexico is already talking about striking back with tariffs on American flat steel, lamps and fruit and European Union leaders claim they could slap tariffs on $7.5B worth of U.S. exports in the coming weeks, the Wall Street Journal reports.

The new tariffs were imposed at a time when the three trade partners were in talks to renegotiate the North American Free Trade Agreement, but experts posit that deal is less likely to occur now. Levies on 25 percent of steel imports and 10 percent of aluminum imports could cause construction costs to rise modestly, particularly when it comes to the development of office and industrial high-rise assets, according to a CBRE report discussing the potential effects of President Donald Trump’s proposed tariffs back in March.

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