Good morning. Donald Trump’s tariffs on steel and aluminum kick in. Buying a house keeps getting tougher. And a big concert is coming soon to your headset. Listen to the day’s top stories.

Donald Trump’s 25% tariffs on steel and aluminum imports came into force today as the global trade war entered a new and risky phase. The latest US levies kicked in after a tumultuous day in which the president and Canada sparred yet again. The EU retaliated with plans to impose its own duties on more than $28 billion worth of American goods. One influential billionaire investor invoked 1930s Germany to illustrate his concerns about the global implications of the current trade conflict.