Donald Trump has said he will announce new 25% tariffs on all steel and aluminum imports into the US on Monday in another major escalation of his trade policy overhaul.
Speaking to reporters on Air Force One ahead of the the NFL Super Bowl in New Orleans, he added he will also announce reciprocal tariffs later this week.
“And very simply, it’s, if they charge us, we charge them,” the US president said.
The largest sources of US steel imports are Canada, Brazil and Mexico, followed by South Korea and Vietnam, according to government and American Iron and Steel Institute data.
By a large margin, hydropower-rich Canada is the largest supplier of primary aluminum metal to the US, accounting for 79% of total imports in the first 11 months of 2024.
“Canadian steel and aluminum support key industries in the U.S. from defence, shipbuilding and auto,” Canadian Innovation Minister Francois-Philippe Champagne posted on X.
“We will continue to stand up for Canada, our workers, and our industries.”
Trump became the first sitting president to attend the Super Bowl in person (Photo: David J. Phillip/AP)Australia’s Prime Minister Anthony Albanese reacted to the development telling parliament on Monday he would raise it in a talk the two leaders have scheduled.
The country’s trade minister also said Australia would be making the case for an exemption.
Analysts said such tariffs would bring more uncertainty to global markets.
“The old playbook can’t be used because China is no longer a significant supplier of steel to the US after the 2018 tariffs,” Charu Chanana, chief investment strategist for Saxo, Singapore, told Reuters.
“Instead, the impact will be more pronounced on countries like Canada, Mexico, the EU, Japan, South Korea, Taiwan, and Brazil.
“The immediate concern, however, might not be inflation, as there could be counter effects such as demand slowdown. The bigger concern is the uncertainty and the shift towards a more protectionist world.”
Trump during his first term imposed tariffs of 25% on steel and 10% on aluminum, but later granted several trading partners duty-free exemptions, including Canada, Mexico and Brazil.
Mexico is a major supplier of aluminum scrap and aluminum alloy.
Former President Joe Biden later negotiated duty-free quota arrangements with Britain, the European Union and Japan.
It was not immediately clear from Trump’s announcement what will happen to those exemptions and quota arrangements.
Separately, Trump told Fox News that Canada’s and Mexico’s actions to secure their US borders and halt the flow of drugs and migrants are insufficient ahead of a 1 March tariff deadline.
Asked whether Mexico’s and Canada’s actions were good enough, Trump replied: “No, it’s not good enough,” Trump said. “Something has to happen, it’s not sustainable, and I’m changing it.”
Trump did not say what Canada and Mexico needed to do to avoid broad tariffs by the deadline.
He also told the network, in an interview that aired Sunday during the Super Bowl preshow, he is serious about wanting Canada to become the 51st state.
On Sunday Trump became the first sitting president to attend the Super Bowl in person.
“I thought it would be a good thing for the country to have the president at the game,” he said.
With agencies
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