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What just happened: Trump's trade moves

Illustration: Lazaro Gamio/Axios

This morning, the Trump administration announced it will impose tariffs of 25% on steel and 10% on aluminum on countries within the European Union, as well as Canada and Mexico. The decision hit the stock markets immediately following the announcement, with the Dow falling about 250 points.

The big picture: Trump's trade war now extends far beyond China, and is hitting the U.S.' closest allies, all while NAFTA negotiations with Canada and Mexico continue.