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Trump also said he would announce massive new reciprocal tariffs, which could match other countries’ tariffs on US goods dollar-for-dollar as part of his latest trade policy overhaul.
US President Donald Trump (Reuters)
In another major escalation of his trade policy, US President Donald Trump announced that his administration will impose 25% tariffs on all steel and aluminium imports this week, on top of existing metals duties.
“We’ll also be announcing steel tariffs on Monday,” Trump told reporters aboard Air Force One on his way to the Super Bowl. “Any steel coming into the United States is going to have a 25% tariff.” These new metal tariffs will be announced on Monday, he added.
Trump also said he planned to hold a separate news conference on Tuesday or Wednesday to announce massive new reciprocal tariffs, which could match other countries’ tariffs on US goods dollar-for-dollar. “Very simply, it’s if they charge us, we charge them,” Trump said.
Trump imposed similar tariffs during his 2017-2021 presidency to protect US industries, which he believed faced unfair competition from Asian and European countries.
Who Are Top Steel Suppliers To US?
As of now, Canada – which Trump had previously threatened with tariffs – was the largest source of steel and aluminium imports to the US, followed by Brazil, Mexico, South Korea and Vietnam, according to US trade data. This latest policy threatens to once again ignite tensions with the American neighbours.
Canada accounts for 79% of total imports in the first 11 months of 2024. “Canadian steel and aluminium support key industries in the US from defence, shipbuilding and auto,” said Canadian Innovation Minister Francois-Philippe Champagne, adding that Ottawa will stand up for its workers and industries.
Furthermore, Australia’s trade minister Don Farrell said its steel and aluminium exports to the US create “good-paying American jobs” and are key to shared defence interests as Canberra presses Washington for an exemption to President Donald Trump’s planned tariffs.
Trump’s ‘Reciprocal Tariffs’
The US President said he was also planning reciprocal tariffs to ensure “that we’re treated evenly with other countries.” He had long complained about the EU’s 10% tariffs on auto imports being much higher than the US car rate of 2.5%.
French President Emmanuel Macron vowed on Sunday to take on Trump over his financial threats to Europe, though he said that the United States should focus its efforts on China rather than the European Union. He said the Americans would feel the effects of any tariffs on the US, saying they would increase costs and inflation in America.
Trump, who has promised a “new golden age” for the United States, has insisted that foreign exporters would bear the impact of any tariffs without being passed on to US consumers, despite most experts saying the contrary.
(with inputs from agencies)
- Location :
Washington D.C., United States of America (USA)
