Trump’s Announcement on Steel and Aluminium Tariffs
President Donald Trump has announced that he will impose a 25% import tax on all steel and aluminium entering the United States. This move is expected to significantly affect trade with Canada, the largest supplier of aluminium to the U.S.
New Tariffs for Countries Taxing U.S. Imports
Trump also mentioned that he would introduce new tariffs later in the week targeting countries that impose taxes on U.S. imports. He did not specify which countries would be affected or if any exemptions would be made. “If they charge us, we charge them,” Trump said while traveling to the Super Bowl in New Orleans.
Reaction from Canada and Other Countries
During his first term, Trump imposed similar tariffs on steel and aluminium from Canada, Mexico, and the European Union, although Canada and Mexico reached an agreement to lift those tariffs in 2019. The new tariffs would apply to all steel imports, with Trump stating, “Any steel coming into the United States is going to have a 25% tariff.”
In response, Ontario Premier Doug Ford criticized the move, accusing Trump of destabilizing the economy. The announcement also caused stock prices for South Korean steel and car companies to fall, as South Korea is a major steel exporter to the U.S. Meanwhile, Australian Prime Minister Anthony Albanese announced plans to request an exemption from the tariffs for his country, as Australia had one during Trump’s first term.
Trump’s Broader Trade Strategy
These tariffs are part of Trump’s broader trade policy, aimed at protecting U.S. jobs and raising tax revenue. Earlier this year, Trump delayed a planned 25% tariff on Canadian and Mexican products for 30 days. He also imposed a 10% levy on Chinese goods, which led to retaliatory tariffs from Beijing.
Additional Tariffs Expected Soon
Trump’s upcoming announcement on additional tariffs is expected to take effect “almost immediately,” and he referred to them as a way to benefit both the U.S. and other countries.
Other News from Trump’s Trip to New Orleans
While in New Orleans, Trump also signed a proclamation renaming the Gulf of Mexico as the “Gulf of America.” He further discussed his foreign policy, including possible future meetings with Russian President Vladimir Putin.
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