U.S. President Donald Trump announced plans to impose new tariffs on steel and aluminum imports, marking another significant move in his trade policy overhaul. Speaking on Air Force One on February 9 as he headed to the NFL Super Bowl in New Orleans, Trump declared that an additional 25% duty will be levied on all imported steel and aluminum, on top of the existing tariffs.
The new measures, set to be announced on Monday, will mean that importers face a further 25% cost. Additionally, Trump indicated that reciprocal tariffs matching the rates imposed by other countries will be implemented as soon as Tuesday or Wednesday. “If they charge us, we charge them,” he stated, outlining his administration's straightforward approach to retaliatory trade measures.
While the fate of current tariff exemptions for metals from Mexico and Canada remains uncertain, data from government sources and the American Iron and Steel Institute reveals that Canada, Brazil, and Mexico are the largest suppliers of U.S. steel imports, followed by South Korea and Vietnam. Notably, Canada is the primary source of U.S. aluminum, providing 79% of the total imports of primary aluminum in the first 11 months of 2024. Canadian Innovation Minister François-Philippe Champagne stressed the importance of Canadian steel and aluminum, emphasizing their support for critical U.S. industries including defense, shipbuilding, and automotive manufacturing.
In related developments, Trump mentioned that while the U.S. government would allow Japan's Nippon Steel to invest in U.S. Steel, it would not permit the investment to result in a majority stake.
.webp)
0 Comments