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Trump's Big Announcement On Tariffs To Hit Steel, Aluminum Imports

In yet another major escalation of his trade policy overhaul, US President Donald Trump announced that on Monday the United States will impose 25 per cent tariffs on all steel and aluminium imports, which would come on top of additional metal duties-- expected to be disclosed later in the week.

Speaking to reporters aboard Air Force One on Sunday while he was on his way to the NFL Super Bowl in New Orleans, Trump also said he would announce reciprocal tariffs as early as Tuesday, which would take effect almost immediately.

The Republican, however, did not clarify who would be targeted with the reciprocal tariffs, but he stressed the US would match tariff rates levied by other countries and that this would apply to all countries. "And very simply, it's, if they charge us, we charge them," he said on his reciprocal tariff plan.

During his first White House term from 2016-2020, Trump imposed a 25 per cent tariff on steel and 10 per cent on aluminium but l later granted several trading partners duty-free quotas, including Canada, Mexico and Brazil. Former President Joe Biden extended these quotas to Britain, Japan and the European Union, and US steel mill capacity utilization has dropped in recent years.

More Trouble For Canada, Mexico?

Per official data, Canada, Brazil and Mexico are the largest sources of US steel imports, followed by South Korea and Vietnam. Meanwhile, Canada is the largest supplier of primary aluminium metal to the United States by a huge margin,  accounting for 79 per cent of total imports in the first 11 months of 2024. Mexico is a major supplier of aluminium scrap and aluminium alloy.

Matching Rates?

The US President said he would hold a news conference on Tuesday or Wednesday to provide detailed information on the reciprocal tariff plan, adding that he first revealed on Friday that he was planning reciprocal tariffs to ensure "that we're treated evenly with other countries."

Trump has long complained about the EU's 10 per cent tariffs on auto imports being much higher than the American car rate of 2.5 per cent. He frequently states that Europe "won't take our cars" but ships millions west across the Atlantic every year.

The United States, however, enjoys a 25 per cent tariff on pickup trucks, a vital source of profits for Detroit automakers General Motors, Ford and Stellantis' US operations.

The US trade-weighted average tariff rate is about 2.2 per cent, according to World Trade Organization data, compared to 12 per cent for India, 6.7 per cent for Brazil, 5.1 per cent for Vietnam and 2.7 per cent for European Union countries.



from NDTV News-World-news https://ift.tt/XgGq5ia

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