Trump vows to take back stolen wealth as tariffs on steel and aluminum imports go into effect [Video]

WASHINGTON (AP) — President Donald Trump openly challenged U.S. allies on Wednesday by increasing tariffs on all steel and aluminum imports to 25% as he vowed to take back wealth “stolen” by other countries, drawing quick retaliation from Europe and Canada.

The Republican president’s use of tariffs to extract concessions from other nations points toward a possibly destructive trade war and a stark change in America’s approach to global leadership. It also has destabilized the stock market and stoked anxiety about an economic downturn.

“The United States of America is going to take back a lot of what was stolen from it by other countries and, frankly, by incompetent U.S. leadership,” Trump told reporters on Wednesday. “We’re going to take back our wealth, and we’re going to take back a lot of the companies that left.”

Trump removed all exemptions from his 2018 tariffs on the metals, in addition to increasing the tariffs on aluminum from 10%. His moves, based off a February directive, are part of a …