On Sunday, President Trump said he would impose a 25 % tariff on imports of all foreign steel and aluminum in the United States by Monday and would soon announce mutual rates on US trade partners.
Addressing Air Force One on the Super Bowl route, the President said that their metal prices would apply to Canada and Mexico, US allies and its largest trading partners, including “everyone”.
Mr Trump said, “Any steel coming to the United States will have 25 percent tariff.” “Aluminum too.”
Mr Trump’s decision to impose tax on foreign metals and impose mutual rates has resulted in several other trade risks since winning the White House.
Since taking office, Mr. Trump has imposed an additional 10 % additional tax on all products from China, and he has come within a few hours of imposing clean taxes on Canada and Mexico that bring our tariff rates. Not seen at this level since the 1940s.
Mr Trump has also said in recent days that he has planned to impose revenue on Europe, Taiwan and other governments as well as several major industries such as copper, steel, aluminum, pharmaceuticals and semiconductions.
The decision to impose tariffs on metals will affect US largest trade partners and allies.
According to the American Iron and Steel Institute, the largest supplier of steel in 2024 was Canada, followed by Brazil, Mexico, South Korea and Vietnam. Canada is also a major aluminum supplier to the United States, followed by the United Arab Emirates, Russia and China.
Mr Trump’s decision to impose taxes on metals is not new. In his first term, the president imposed prices on foreign steel and aluminum globally, angry allies like Mexico, Canada and the European Union. When he signed a trade agreement with the United States, he eventually returned some of these obstacles in Canada and Mexico.
The Biden administration later reached agreements with the European Union, the UK and Japan to return some of its trade sanctions. Chad Bone, senior fellow of the Patterson Institute for International Economics, said that a handful of other countries also discussed quota or other arrangements, but for most countries there is a place of steel and aluminum prices. It is unclear whether new taxes will be included in the old.
Mr Trump’s new tariff proposals will expand his trade fighting in many different countries, which will eliminate trade springs that can encourage other countries to retaliate with US goods at their own prices. –
Mr Trump has shocked diplomatic and economic relations with the dangers of daily tariffs last week.
The mutual rates suggested by the President will increase the allegations of the United States as per the United States’ allegations that when those goods come to their borders, which other countries receive on US products. They may be used as a lever to get more concessions in the negotiations by the president. But they will also violate US promises from the World Trade Organization.
The President said that their mutual rates would be announced at a news conference on Tuesday or Wednesday, and the rates would be implemented “almost Immediately immediately” on each country.
“Very straightforward, if they charge us, we charge them,” he said.
