Trump to announce 25% steel and aluminum tariffs in latest trade escalation
U.S. President Donald Trump said on Sunday that he will announce on Monday new 25% tariffs on all steel and aluminum imports into the U.S., which would come on top of existing metals duties in another major escalation of his trade policy overhaul.
Trump, speaking to reporters on Air Force One, also said he will announce reciprocal tariffs on Tuesday or Wednesday, to take effect almost immediately.
During his first term, Trump imposed tariffs of 25% on steel and 10% on aluminum, but later granted several trading partners duty-free quotas, including Canada, Mexico and Brazil.
Former President Joe Biden extended these quotas to Britain, Japan and the European Union, and U.S. steel mill capacity utilization has dropped in recent years. White House spokeswoman Karoline Leavitt said that the new tariffs would come on top of the existing duties on steel and aluminum.
Trump on Friday announced that he would impose reciprocal tariffs — raising U.S. tariff rates to match those of trading partners — on many countries this week. He did not identify the countries, but the duties would be imposed “so that we’re treated evenly with other countries.”
Kathryn Burgum (L), wife of Doug Burgum (C), U.S. secretary of the interior, and U.S. President Donald Trump (R) during an executive order signing ceremony in Washington on Friday. Trump said he would impose tariffs on a wide range of imports in the coming months, including steel, aluminum, oil and gas, pharmaceuticals, as well as semiconductors, while speaking during an executive order signing on deregulation.
| Bloomberg