US President Donald Trump intends to impose 25 per cent tariffs on all aluminium and steel imports. While speaking to reporters on Air Force One, Trump said he would apply tariffs on metals imported from all countries, without sharing the timeline when duties would take effect.
Image soure: Britannica
He also hinted at the implementation of reciprocal tariffs as early as this week on nations that impose duties on US imports. These moves are the latest in a series of tariff measures Trump has pursued since the inauguration of his second presidential term.
Trump’s latest plan to impose tariffs on all aluminium and steel tariffs came as a surprise to many overseas buyers and sellers after the grant of a 30-day reprieve to Canada and Mexico just last week. Moreover, buyers and sellers expected the tariffs to take effect in March, allowing them some time to prepare.
Initially, a 25 per cent tariff on Mexican and Canadian imports was set to take effect on February 1, but Trump postponed the deadline to March after receiving modest proposals from both countries to enhance border security. However, following his latest statement, it remains unclear if Mexico and Canada will face tariffs or at what scale. Trump also hinted at imposing tariffs on other goods, including pharmaceuticals, oil, and semiconductors, and is even considering duties on imports from the European Union.
Meanwhile, Trump is moving forward with a 10 per cent tariff on Chinese goods, as reported last week. In response, Beijing has announced retaliatory measures targeting $14 billion worth of US imports, set to take effect later this month. Now, whether the two countries can strike a deal before China enforces these tariffs remains to be seen.
White House Press Secretary Karoline Leavitt stated last week that a call between Trump and the Chinese President would take place soon. Additionally, Trump has requested a reevaluation of all trade agreements signed with China in 2020 to continue tariff negotiations. In 2018, he had previously imposed a 25 per cent tariff on steel and a 10 per cent tariff on aluminium, citing national security concerns.
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