WASHINGTON: In a bold move to escalate his trade policy, U.S. President Donald Trump announced on Sunday that he will implement new 25% tariffs on all steel and aluminum imports, building on existing metal duties. Speaking to reporters aboard Air Force One en route to the Super Bowl in New Orleans, Trump revealed plans to announce the new tariffs on Monday.
The President also outlined his intention to implement reciprocal tariffs on Tuesday or Wednesday, which would apply to all countries and match the tariff rates currently imposed by other nations. “And very simply, it’s, if they charge us, we charge them,” Trump remarked, underscoring the principle of fairness behind his tariff plan.
The new tariffs, which would target steel imports from major sources like Canada, Brazil, and Mexico, could have significant repercussions for the U.S. economy, particularly in industries reliant on steel and aluminum. Canadian Innovation Minister Francois-Philippe Champagne voiced concerns, emphasizing the importance of Canadian exports in supporting key U.S. industries like defense, shipbuilding, and automotive manufacturing.
Trump also stated that while Japan’s Nippon Steel would be permitted to invest in U.S. Steel, it would not be allowed to acquire a majority stake. He praised the impact of tariffs on U.S. steel, claiming they would contribute to its resurgence.
The announcement follows Trump’s previous imposition of 25% tariffs on steel and 10% tariffs on aluminum during his first term. However, he later granted some duty-free exemptions, including to Canada, Mexico, and Brazil, which remain key players in U.S. aluminum imports.
In response to mounting concerns from U.S. trade partners, former President Joe Biden had negotiated duty-free quota arrangements with Britain, the European Union, and Japan. It remains unclear whether these exemptions will continue under the new administration.
Trump’s move also targets Canada and Mexico, whom he has threatened with 25% tariffs unless they take stronger action to curb illegal immigration and drug trafficking at their borders. Despite some border security measures, Trump expressed dissatisfaction with their efforts, setting a March 1 deadline for further action.
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As the trade landscape shifts, questions linger over how these new tariffs will impact both U.S. industries and international relations. A news conference is expected later this week to provide further details on the reciprocal tariff plan, which could set the stage for a fresh round of trade tensions across the globe.
