Michelle Fleury
New York business correspondent

Image source, Getty Images

In what's already been a wild week for trade moves, Donald Trump's 25% tariffs on steel and aluminium imports have kicked in - a reboot and expansion of policies he first tried back in 2018.

And like last go around, it's unclear whether this supercharged version will address the fundamental imbalances in the metals trade or simply provoke retaliation - as we've already seen from the EU and Canada.

This week's World of Business newsletter - you can sign up here - explores how the scenario might develop, as well as examining the likelihood of a recession in the US.

The outlook? The US steel industry, which has been underperforming, is welcoming the tariffs as a boost to domestic production.

But, the aluminium industry, which is heavily reliant on Canadian imports, warns the tariffs will drive up costs and hurt competitiveness.

You can read on here for more on how the larger issue of China's overcapacity remains unresolved - and how reciprocal tariffs set to roll out in April may have a far greater impact worldwide.

Leavitt was also asked about a statement by the American Automotive Policy Council on Donald Trump's steel and aluminium tariffs, which says the tariffs will add "significant costs for automakers, suppliers and consumers".

Speaking to Fox News, Leavitt replied that President has been "incredibly clear" on what he envisions for the United States through these tariffs, which is to "restore this country as the manufacturing superpower of the world".

Bernd Debusmann Jr
Reporting from the White House

Image source, Getty Images

Press Secretary Karoline Leavitt briefly spoke to reporters here at the White House a short while ago.

While many of the questions revolved around foreign policy issues - specifically Ukraine - she also fielded a few about tariffs and the US economy.

Asked when the economy becomes President Trump's responsibility, rather than the Biden administration's, Leavitt responded that "we've only been here for 52 days."

"The President is working hard every day to bring down the cost of living, which we see is already happen," she said, also mentioning falling egg and gasoline prices.

She said that the administration believes falling prices are due to "massive regulatory efforts" and promises to "drill, baby, drill" to increase US energy supplies.

Leavitt claims that $180bn - about 2,000 per US citizen - have been saved.

At yesterday's news briefing, Leavitt repeatedly defended the president's stance on tariffs in what was an occasionally tense and combative question-and-answer session with reporters.

Chris Page
BBC News Ireland correspondent

Image source, Reuters

The Irish Prime Minister Micheál Martin had a delicate diplomatic challenge, as he met President Trump in the midst of a US-EU trade war just a little bit ago.

Trump spoke about a "massive" trade imbalance between the US and Ireland, and said Ireland was "of course" taking advantage of the US.

But the mood remained civilised.

Trump repeatedly stressed that he didn't blame the taoiseach for what he saw as the unfair trading relationship – even saying that it showed “the Irish are smart”.

The president aimed his ire at the European Union, rather than Ireland – and didn't make much of the fact that Ireland is an EU member state.

Martin politely made the point that the countries' economic relationship is increasingly a "two-way street", with Ireland contributing valuable investment to America.

Left-wing opposition parties in Dublin have criticised the taoiseach for being too deferential.

But Martin's team will be largely pleased that 51 minutes in front of the cameras in the Oval Office passed off cordially.

Sejourne moves to discuss steel now, saying all imports of the product to the US have been hit with a 25% tariff, beginning today.

He says although it isn't very "profitable now", they must protect the sector. It's easy to "throw away industry", he adds.

Europe is perhaps a little bit ahead of the game compared to the US, he goes on, saying Washington has "now found themselves in regulatory unpredictability".

"We in Europe have rules," he says, and they are "very well known".

And with that, the short news conference has finished.

We're now listening to Stephane Sejourne, the European commissioner for internal market and services.

He says the EU has a partner who is refusing to enter a dialogue on trade - he doesn't specify, but it appears he's referring to the United States.

He says Europe will continue to offer a hand of friendship, but needs to take action to protect its people.

"We will continue to react on trade to defend our economy and jobs," he says.

The news conference with European Commission officials has started.

Kryzsztof Paszyk, Polish minister of development and technology, is the first to speak. You can watch a translated stream by pressing watch live at the top of this page.

We'll bring you the key lines here.

The European Commission is set to hold a news conference soon, which will focus on tariffs amid an intensifying trade war between the US and some of its key trading partners.

The event is due to begin in about 15 minutes.

Stick with us for updates, and you can follow along by clicking watch live at the top of the page.

Faisal Islam
Economics editor

It's difficult to convey the shift in sentiment about the US economy in just six weeks.

At the World Economic Forum in January, there was absolute euphoria about the dominance of the US economy.

That has flipped, and pretty suddenly. It's not just about the tariffs, but a total uncertainty and chaos.

In the short term, there is the possibility of a recession. Long term, Trump says they'll change the wiring of the US economy and bring back manufacturing to the Rust Belt.

By the way, that process was already started by Biden through subsidies. Trump says tariffs will be a more effective weapon.

The US is a relatively closed economy compared to Europe. You can see how this could end up being politically successful, where it needs to be.

But certainly from a global economic perspective, it is a disaster. The tariffs are harder, more extensive, and the retaliation is pretty hard too - Canada is setting a pretty high bar.

We're seeing video feed from Trump's meeting with the Irish prime minister in the Oval Office.

Discussing the EU's counter-measures the 27-member bloc announced today, Trump says "whatever they charge us with, we're charging them".

He says if the EU charges 20% or 200% it does not matter, they will face the same.

"We have been abused for a long time, and we will be abused no longer," he says, claiming the EU "treats us very badly".

How big is the US trade deficit with the EU?published at 16:54 Greenwich Mean Time 12 March

16:54 GMT 12 March

By Tamara Kovacevic

The US buys more from the EU than it sells to it, meaning it has a trade deficit with the bloc, but how big is this?

President Trump has repeatedly said it is $300bn (€275bn).

Talking to the BBC’s Today programme, Pascal Lamy, a former EU trade and World Trade Organisation (WTO) head, called Trump’s figure “dead wrong”. He said the US deficit with the EU was $50bn (€46bn) – “six times less”– if you take both goods and services into account (Trump has not specified).

Lamy is right according to the EU’s latest estimates which put the US total deficit at $52bn (€48bn) in 2023. However, US government figures say the deficit was much higher - $132bn (€121bn).

We can’t find any mention of Trump’s $300bn in the official figures.

The discrepancy between EU and US figures is likely to be due to different ways of measuring trade, especially the trade in services.

Bernd Debusmann Jr
Reporting from the White House

Image source, Reuters

We're still getting snippets of what Trump is telling reporters in the Oval Office meeting with Irish Prime Minister Martin.

At one point, Trump says the US will respond to the EU's recently announced tariffs. Asked by a reporter whether he will respond to the "retaliation", Trump says: "Of course I will respond".

"Look, the EU was set up in order to take advantage of the United States," he adds.

Asked by a reporter if Ireland is taking advantage, Trump says: "of course they are, of course they are."

Trump continues that while he has "great respect" for Ireland and other countries that have taken steps to encourage US-owned companies to set up there - - in Ireland's case, pharmaceuticals - "the United States shouldn't let it happen".

"We had stupid leaders. We had leaders that didn't have a clue," he says. "Let's say they weren't business people. They didn't have a clue what was happening."

Image source, Reuters

As we follow developments at the White House, Canada's incoming Prime Minister Mark Carney says he's ready to sit down with US President Donald Trump "at the appropriate time" and "when there's respect for Canadian sovereignty".

He adds that Canada is working on a "common approach" to trade.

"We are all going to be better off when the greatest economic and security partnership in the world is renewed," he says.

The new prime minister has previously vowed to win the trade war against Trump after his landslide victory to replace incumbent Justin Trudeau on Sunday.

Bernd Debusmann Jr
Reporting from the White House

Image source, Reuters

We're starting to get a few lines from inside the Oval Office meeting between President Trump and Ireland's Prime Minister Martin.

Trump addresses tariffs, in particular the potential for reciprocal tariffs.

"I don't know why people get upset about that," he said. "There's nothing more fair than that."

He also commented directly on yesterday's tariff news with Canada and Ontario Premier Doug Ford's vow - later suspended - to impose new charges of 25% on electricity that it sends to some US states.

In response, the Trump administration had threatened to double US tariffs on Canadian steel and metal imports to 50%.

"[We] let them know what we were going to be doing," he said. "They dropped it immediately."

"I'm glad," Trump added. "Playing with electricity affects people's lives."

I'll continue to bring you the latest lines that I receive from the White House press pool as I get them - stay tuned.

Bernd Debusmann Jr
Reporting from the White House

Irish Taoiseach - Prime Minister - Michéal Martin has just arrived at the White House, where Donald Trump greeted him at the doors of the West Wing just before they headed inside to the Oval Office.

It was, by the standards of this White House, a rather subdued arrival. The silence was only punctuated by a series of short questions from the gathered press, one of whom asked about inflation.

"Very good news," Trump responded, in reference to inflation numbers cooling in February.

Trump ignored a follow-on question about what he would tell Americans whose savings are feeling the crunch as a result of the stumbling stock market.

The pair went inside shortly after. We'll soon hear from them again inside the Oval Office. Stick with us

It's approaching 16:00 in the London newsroom and midday in Washington. Trump is welcoming Ireland's Prime Minister, the Taoiseach Michéal Martin, at the White House after tariffs of 25% came into effect on all steel and aluminium imports to the US.

If you're just joining us, here's a brief look at the latest reaction around the world:

• Canada's government has announced retaliatory tariffs on more than $20bn (C$29.8bn) worth of US goods. Industry Minister François-Philippe Champagne said the tariffs are "bringing the wild west to factory floors"
• Meanwhile, Mexico's president took a different approach and said the government won't announce retaliatory measures yet

• UK Prime Minister Sir Keir Starmer said he is "disappointed" by the levies and his government is "negotiating an economic deal" which covered tariffs. But, he stressed, the UK would "keep all options on the table"

• This comes after the European Union said it would impose retaliatory tariffs on €26bn (£21.9bn, $28.3bn) worth of US goods. Commission President Ursula von der Leyen said the tariffs are "bad for business"
• China would take "all necessary measures" to safeguard its rights and interests, the Chinese foreign ministry said earlier

We'll continue to bring you the latest developments so stick with us.

Jonathan Josephs
BBC business reporter

Image source, Getty Images

In the official White House notice about steel and aluminium tariffs, President Trump says they are necessary for national security.

Demand from domestic producers has been “depressed” because of foreign competition, he claims.

Like with many other industries, China has become the dominant producer, making about 53% of the world’s steel and 58% of aluminium.

For years, Western nations have been trying to tackle what they deem as China’s excess production, arguing that it is unfairly sold at lower prices on the global market because of government support.

Beijing has consistently denied that’s the case and it’s been difficult for the rest of the world to reach agreement on what to do about it.

With Trump's tariffs on aluminium and steel, the president has shown he’s not afraid to act alone.

• As a reminder: US businesses importing steel and aluminium into the country will have to pay a 25% tax as of today

Mitch Labiak
Business reporter

The consensus from many economists is that tariffs mean higher prices for consumers.

Why? Because, while tariffs are paid by the company importing the goods, those companies tend to pass those costs on to customers by increasing prices.

For a product like a car, tariffs are not just paid once but several times as the body of the car crosses multiple borders during the building process and other parts are imported to the US.

When you add all those extra charges up, it’s easy to see why car firms – and consumers – are worried.

Of course, for Trump, all of this is sort of the point. He wants to encourage US companies to build things in the US with American workers to avoid the tariffs.

But car firms argue it’s not that simple as opening new factories and hiring new workers is not something they can do overnight.

• Read more: Six things that could get more expensive for Americans under Trump tariffs

Bernd Debusmann Jr
Reporting from the White House

Image source, Bernd Debusmann Jr/BBC

We've yet to hear from Donald Trump today - either online or in front of the cameras.

Soon we're likely to catch a brief glimpse of him as he greets Ireland's Prime Minister, the Taoiseach Michéal Martin, at the West Wing of the White House when he arrives.

Trump will have a bilateral meeting with Martin. The White House press pool will be in the room for the start of this meeting, and in the past we've seen these Oval Office "sprays" turn into extended question-and-answer sessions.

Trump is almost certainly going to be asked about tariffs here, particularly given the announcement of EU reciprocal tariffs.

Later, he's going to head to the Capitol for a "Friends of Ireland" luncheon, followed by a St Patrick's day reception back at the White House at 17:00 EST (21:00 GMT).

It's unclear whether we'll hear him comment on tariffs at either of these events, but given how much the issue is dominating the US news cycle, it wouldn't be surprising.

The press conference has now ended, but before it did the ministers were asked about what the new Canadian Prime Minister Mark Carney's strategy will be regarding relations with President Trump.

Foreign Affairs Minister Melanie Joly says Carney is "a serious man and he will only engage if there are serious talks".