President Trump Boils Aluminum, Steel Market with Tariffs
President Donald Trump announced on Sunday that he would impose 25% tariffs on aluminum and steel in the world’s largest economy.
Speaking to reporters aboard Air Force One en route to New Orleans for the NFL Super Bowl, he announced the new metals tariffs on Monday.
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Additionally, he promised to announce reciprocal tariffs on Tuesday or Wednesday, which would apply to all nations and match the tariff rates imposed by each. These tariffs would go into effect almost immediately.
Canada is the largest supplier of aluminum metal to the United States, and Mexico is one of the United States’ largest trading partners for steel.
Trump imposed 25% tariffs on steel imports and 10% trade tariffs on aluminum imports from the EU, Canada, and Mexico during his first term in office. Although the EU import taxes persisted until 2021, the US, Canada, and Mexico struck an agreement a year later to remove those tariffs.
Trump said he would impose steel and aluminum tariffs on “everybody” while speaking on Air Force One. “
There will be a 25 percent tariff on any steel entering the United States,” he declared.
The premier of Ontario, Doug Ford, responded online by accusing Trump of “shifting goalposts and constant chaos, putting our economy at risk.”.
Ontario is where most of Canada’s steel is produced.
The stocks of significant South Korean auto and steel manufacturers also declined because of Trump’s remarks. Steel exports from South Korea to the US are also important.
Hyundai Steel’s shares fell as much as 2.9 percent, while those of steel company POSCO fell as much as 3.6 percent. Trump’s action represents another significant step up in his trade policy, which has already provoked Chinese retaliation.
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