By mid-2019, the tariffs were lifted for Canadian and Mexican imports, which accounted for 27% of the U.S.’s steel imports and 43% of its aluminum imports. The Biden administration later ended tariffs on European Union metals in 2021, amid record-high steel prices fueled by COVID-19 supply chain disruptions.

Wall Street’s sell-off hit a new low Thursday after President Donald Trump’s escalating trade war dragged the S&P 500 more than 10% below its record, which was set just last month.