US President Donald Trump Announces New Tariffs on Steel and Aluminum
In a press conference on Sunday, President Trump announced that a 25% tariff would be imposed on all steel imports to the US, effective immediately. He also mentioned that aluminum would be subject to the same tariff. This move comes as a response to what the President perceives as unfair trade practices by other nations.
Trump’s administration has scheduled a press conference for Tuesday or Wednesday to outline its plans for retaliatory measures, which could include significant counter-tariffs. The President’s statement, “If they do something to us, we’ll do something to them” suggests that the US is prepared to take a firm stance in the trade dispute.
The details of the new tariffs are still unclear, with questions remaining about whether the new tariffs will be in addition to the existing tariffs on imports from countries like China, or if the existing tariffs will be increased.
Last week, the US imposed a 10% tariff on all Chinese goods imported to the US, in addition to the existing tariffs on Chinese exports. China responded swiftly, imposing its own tariffs on certain US chips and metals. However, the US President has since made some concessions, exempting imports worth up to $800 from the new tariffs, a move that benefits small US businesses that often import goods from China.
The new 25% tariff on imports from Mexico and Canada has also been suspended until March 1, after both countries threatened to impose retaliatory tariffs of their own.
The EU has already indicated that it will respond in kind, with the German Chancellor hinting at a list of affected goods during a televised debate with his challenger, Friedrich Merz. The Chancellor stated that the EU is capable of reacting within an hour and that the handling of Trump is one of the few points on which he and Merz agree.