U.S. President Donald Trump said on Sunday he will introduce new 25 percent tariffs on all steel and aluminum imports into the United States, on top of existing metals duties, in another major escalation of his trade policy overhaul.
Trump, speaking to reporters on Air Force One on his way to the NFL Super Bowl in New Orleans, said he will announce the new metals tariffs on Monday.
He also said he will announce reciprocal tariffs on Tuesday or Wednesday, to take effect almost immediately, applying them to all countries and matching the tariff rates levied by each country.
\"And very simply, it's, if they charge us, we charge them,\" Trump said of the reciprocal tariff plan.
The largest sources of U.S. steel imports are Canada, Brazil and Mexico, followed by South Korea and Vietnam, according to government and American Iron and Steel Institute data.
By a large margin, hydropower-rich Canada is the largest supplier of primary aluminum metal to the U.S., accounting for 79 percent of total imports in the first 11 months of 2024.
\"Canadian steel and aluminum support key industries in the U.S. from defense, shipbuilding and auto,\" Canadian Innovation Minister Francois-Philippe Champagne posted on X. \"We will continue to stand up for Canada, our workers, and our industries.\"
Trump also said that while the U.S. government would allow Japan's Nippon Steel to invest in U.S. Steel, it would not allow this to become a majority stake.
\"Tariffs are going to make it very successful again, and I think it has good management,\" Trump said of U.S. Steel.
Nippon Steel declined to comment on the latest announcements from Trump, according to Reuters.
During his first term, Trump imposed tariffs of 25 percent on steel and 10 percent on aluminum imports citing national security concerns but later allowed certain trading partners, including Canada, Mexico and Brazil, to receive duty-free quotas.
Under former President Joe Biden, the United States continued some tariff exemptions introduced under Trump and extended new quotas for the European Union, Britain and Japan.
On February 1, Trump signed executive orders to impose 25 percent additional tariffs on imports from Canada and Mexico and 10 percent tariff hikes on imports from China, drawing widespread opposition and immediate retaliations. He later paused the tariffs on Mexico and Canada for one month to allow negotiations.
(With input from agencies)
Reference(s):
Trump to announce 25% steel, aluminum tariffs in trade escalation
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