In a significant expansion of his trade policy reform, President Donald Trump announced on Sunday on that he will impose new 25% tariffs on all steel and aluminium imports entering the United States on Monday. These penalties would be in addition to the current metals duties.
In an interview with reporters on Air Force One, Trump added that he would declare reciprocal duties on Tuesday or Wednesday, which would go into effect practically instantly.
During his first term, Trump levied 25% steel and 10% aluminium tariffs. However, he eventually provided duty-free quotas to a number of trading partners, including Canada, Mexico, and Brazil.
The capacity utilization of U.S. steel mills has decreased in recent years, and former President Joe Biden expanded similar quotas to Britain, Japan, and the European Union.
The new tariffs will be added to the current steel and aluminium taxes, according to White House spokesperson Karoline Leavitt.
Trump declared on Friday that he would raise U.S. tariff rates to match those of trading partners, or slap retaliatory tariffs, on other nations this week. The duties will be applied “so that we’re treated equally with other countries,” he said, without naming the nations.