Trump imposes 25% tariff on steel and aluminum imports
Donald Trump (photo: flickr.com)
US President Donald Trump on Monday imposed a 25% tariff on all steel and aluminum imports, with no exceptions or exemptions. The decision will take effect in March, according to Bloomberg and CNN.
The tariffs will be broadly applied to all steel and aluminum imports into the US, including from Canada and Mexico, the two largest foreign suppliers of metals to the country. The tariffs, which also cover finished metal products, are intended to curb what officials in the administration have described as attempts by countries like Russia and China to circumvent existing tariffs.
Trump called these measures supportive of strengthening domestic production and creating new jobs in the US, warning that metal tariffs could be higher. According to a Bloomberg source, the new tariffs will take effect on March 4.
"Essentially, we’re putting on a 25% tariff, without exception, on all aluminum and all steel, and it’s going to mean a lot of businesses are going to be opening in the US," Trump said on Monday, February 10.
While the measures did not include exceptions for trading partners, Trump indicated he might consider an exception for Australia, taking into account the import of American-made aircraft.
The president also reiterated his threat to impose tariffs on countries with tariffs on US imports, stating that they could be announced within the next two days. He also mentioned that the administration would consider tariffs on cars, semiconductors, and other potential sectors.
Bloomberg notes that the metal tariffs represent the most significant action by Trump aimed at addressing the US trade deficit and using international trade as a source of revenue.
A senior administration official stated that this step was necessary because steel and aluminum exporters had exploited exceptions under previous policies, which harmed American manufacturers.
Earlier, RBC-Ukraine reported that the imposition of a 25% tariff on all steel and aluminum imports into the country jeopardizes relations with some of America's largest trading partners.
In early February, Trump signed an executive order imposing 25% tariffs on imports from Canada and Mexico, as well as 10% tariffs on goods from China. Later, he postponed the decision regarding Mexico and Canada until March.
