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Donald Trump says he will impose a 25% tariff on all steel and aluminum imports into the United States, unlocking chaos in commodity markets around the world and threatening to ignite a trade war.
Authorities said the tariffs are a response to “foreign players” who are responsible for “surges in metal exports” to the country and “harmbling US producers of steel and aluminum.” .
They said that tariffs apply to all US imports and that no exclusions are permitted for certain products. The tariffs will begin on March 4th, someone familiar with the plan said.
The move is designed to protect domestic steel manufacturers, but it will likely affect US allies, including Canada and Mexico, and can significantly increase the costs of American manufacturers importing metals.
“This is a big deal – enriching America again,” Trump said.
The US President’s tariff announcement comes three weeks after he returned to the White House, showing an escalation of his protectionist agenda. It follows his announcement of new taxes in Mexico and Canada, two of the closest trading partners in the United States. These are expected to come into effect at the beginning of March.
Trump also said he intends to impose mutual tariffs on countries collecting US goods within days.
“President Trump is standing up for American steel and aluminum workers, just as other leaders don’t have,” said Peter Navarro, senior counselor in the White House trade and manufacturing industry. Ta.
“Steel and aluminum tariff 2.0 will put an end to foreign dumping, boost domestic production and protect the steel and aluminum industries as the backbone and pillar industries of the US economy and national security.”
Trump imposed a 25% tariff on all steel imports in 2018 and 10% tariff on aluminum imports before negotiating the sculpture for several countries.
Joe Biden, who took over Trump’s metal tariffs when he took office in 2021, managed to exempt certain amounts of steel and aluminum from the US as he launched a deal with the EU, the UK and Japan.
US officials said Monday that the contracts would be effectively void, and that tariffs would be imposed on all steel and aluminum imports from all countries.
Officials also said Trump would eliminate the product exclusion process and call it a “loophole.”
White House officials said: “There was a product exclusion process that was completely out of control during the Biden era, and literally hundreds of thousands of exclusions were approved, and as a result, there were no millions of tons of steel and aluminum. Taxes appropriately.”
“President Trump is now ending the product emissions process,” the official added.
Domestic US steel manufacturers welcomed tariffs. “The American steel industry faces serious threats from foreign actors trying to destroy domestic production,” said Philip Bell, president of the Association of Steel Manufacturers.
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The latest directive risks causing immediate retaliation from the EU, responding to Trump’s tariffs in 2018, imposing a unique tax on 2.8 billion euros of US goods, including bourbon and Harley-Davidson motorcycles.
The EU lifted these tariffs in 2021 as part of its Biden Broker contract.
Candice Line, chief executive of the Canadian Chamber of Commerce, said Trump’s fresh tariff announcement “clearly uncertainty is here.”
“If President Trump wants to win for Americans, he should not tax steel and aluminum, which the American defense, manufacturing, aerospace and energy industries rely on,” Laing said.
Metal prices rose on Monday ahead of Trump’s announcement as traders moved to secure supply. Aluminum contracts have increased by around 10%, with the highest level of premiums for the people of London since 2020.
