Washington, DC:
In yet another major escalation of his trade policy overhaul, US President Donald Trump announced on Monday that the US will impose a 25% tariff on all steel and aluminum imports. Later of the week.
Speaking to reporters on Sunday in Air Force 1, Trump said he will also announce round-trip tariffs that will be in effect almost immediately on Tuesday, as he is heading for the NFL Super Bowl in New Orleans. Ta.
However, Republicans did not clarify who would target mutual tariffs, but he emphasized that the US would be imposed by other countries and this would coincide with the tariff rates applied to all countries. . “And, very simply, if they charge us, we charge them,” he said in his mutual tariff plan.
During his first White House term from 2016 to 2020, Trump imposed a 25% tariff on steel and a 10% aluminum, while L imposed tax exemptions on several trading partners, including Canada, Mexico and Brazil. A quota has been granted. Former President Joe Biden has expanded these allocations to the UK, Japan and the European Union, and the capacity utilization at US steel factories has declined in recent years.
More trouble for Canada and Mexico?
According to official data, Canada, Brazil and Mexico are the largest sources of US steel imports, followed by South Korea and Vietnam. Meanwhile, Canada is the largest supplier of primary aluminum metals to the US by its huge margin, accounting for 79% of total imports in the first 11 months of 2024. Mexico is a major supplier of aluminum scrap and aluminum alloys.
Matching rate?
The US President said he will hold a press conference on Tuesday or Wednesday to provide detailed information on mutual tariff plans, and on Friday he plans to “plan mutual tariffs that are being treated equally with other countries.” He added that he made this clear.
Trump has long complained that 10% tariffs on EU car imports are far higher than the 2.5% American car rates. He frequently states that “Europe “doesn’t take our cars” but is shipped to the Atlantic every year to millions of people west.
However, the US enjoys a 25% tariff on pickup trucks, a key source of profit for Detroit automakers General Motors, Ford and Stellantis’s US operations.
According to World Trade Organization data, the US trade weighted average tariff rate is around 2.2%, with 12% in India, 6.7% in Brazil, 5.1% in Vietnam and 2.7% in European Union countries.
