Trump Tariffs : In yet another dramatic escalation of his international trade policy overhaul, US President Donald Trump said on Monday that the US will slap 25% tariffs on all steel and aluminium imports, on top of further metal levies that are scheduled to be published later this week.
Speaking to reporters onboard Air Force One on Sunday on his route to the NFL Super Bowl in New Orleans, Trump also stated that reciprocal tariffs would be announced as early as Tuesday and would go into place nearly immediately.
However, the Republican did not specify who would be targeted by matching tariffs, but he did state that the US would match tariff rates applied by other nations and that this would apply to all countries. “And, very simply, if they charge us, we charge them,” he stated about his reciprocal tariff plan.
Table of Contents
During his first term in the White House, from 2016 until 2020, Trump placed 25% tariffs on steel and 10% on aluminium, but eventually provided duty-free quotas to key trading partners, including Canada, Mexico, and Brazil. Former President Joe Biden extended these quotas to Britain, Japan, and the European Union, and US steel mill capacity utilisation has decreased in recent years.
Trump Tariffs : Additional Trouble for Canada and Mexico?
According to government data, the major sources of US steel imports are Canada, Brazil, and Mexico, followed by South Korea and Vietnam. Meanwhile, Canada is the leading exporter of primary aluminium metal to the United States by a wide margin, accounting for 79% of total imports in the first eleven months of 2024. Mexico is a major source of aluminium scrap and alloys.
Matching rates?
The US President stated he would conduct a press conference on Tuesday or Wednesday to provide further details on the reciprocal tariff plan, adding that he initially stated on Friday that he was proposing reciprocal duties to ensure “that we’re treated evenly with other nations.”
Trump has often complained about the EU’s 10% tariffs on auto imports, which are significantly higher than the American automobile rate of 2.5%. He repeatedly claims that Europe “will not take our cars,” despite the fact that millions of cars are shipped west across the Atlantic each year.
However, the United States has a 25% tax on pickup trucks, which are a critical source of profit for Detroit automakers General Motors, Ford, and Stellantis’ US businesses.
According to World Trade Organisation data, the US trade-weighted average tariff rate stands at 2.2%, compared to 12% in India, 6.7% in Brazil, 5.1% in Vietnam, and 2.7% in European Union countries.
you join our tazatimesnews Telegram Channel
you join our whatsapp channel
Next News Read – Car Music Rule : In your car, how loud can you play music? Understand the Guidelines and Possible consequences
