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Donald Trump said he would impose 25 percent tariffs on all steel and aluminum imports on Monday, expanding his trade conflicts in the metal sector in a new explosion of protectionism from Washington.
The US president announced during a conference with reporters as he flew from his Mar-A-Lago estate in Florida to attend the Super Bowl in New Orleans on Sunday evening.
In addition to measures for steel and aluminum products, Trump said he would later reveal the new reciprocal tariffs aimed at imports from a wide range of countries that impose taxes on US exports.
The promised tariffs for steel and aluminum come as Trump has begun his second term with aggressive trade policy. Last week it came within hours of determining 25 percent of imports from US neighbors Canada and Mexico, just to offer them a 30-day return.
But Trump has put pressure forward with 10 percent fees for Chinese imports, which caused revenge from Beijing that came into force on Sunday.
New meetings for steel and aluminum proposed by Trump can again destroy global financial markets, which have been deceived in recent weeks after the US president threatened America’s trading partners at additional tariffs.
The dollar increased 0.3 percent on Monday against a basket of coins including the euro, the Jen and the pounds. Aluminum traded on Exchange Metals London rose 0.5 percent to $ 2,633 per ton.
While tariffs for metal imports are usually protected by some major unions in the US and some internal steel and aluminum producers, they risk increasing the input costs for a wide range of US producers. In 2023, the US imported $ 82.1 billion of steel and iron and $ 27.4 billion, while exported $ 43.3BN of steel and iron and $ 14.3BN.
The move comes as Trump has pledged to block the US Nippon Steel’s receipt of Joe Biden’s decision to do the same.
But Trump has said he will work to allow a large investment, though not part of the majority, in the Pennsylvanian -based manufacturer from his Japanese rival, and insisted on assisting fees. “Tariffs will make (in American steel) very successful. And I think there is good management, ”Trump said.
The shares in Nippon Steel were 1.6 percent lower in Tokyo by mid -morning Monday.
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If Trump continues with his plan to impose metal tariffs and a wide range of additional taxes, they will reign concerns that his economic policies can cause a new increase in inflation within the US economy and beyond.
Trump did not say that exactly he intended to implement the mutual tariffs he promised to announce in the coming days.
“Very simply, if they charge us, we charge them,” he said.
His comments can cause a hurry by America’s trading partners to avoid future tariffs in the coming days. Last week, after meeting Japanese Prime Minister Shigeru Ishiba, Trump threatened to impose tariffs on the Asian nation if the bilateral trade deficit with the US would not be eliminated.
Additional reporting from Sam Learner to New York and Arjun Neil Alim in Hong Kong
