President Donald Trump revealed on Sunday his intention to implement a 25% tariff on all steel and aluminum imports into the United States. Speaking to reporters aboard Air Force One, he stated that any steel entering the country would be subject to the tariff, including aluminum.
Trump further mentioned his upcoming announcement of reciprocal tariffs, which would match other countries' tariffs on US goods. He emphasized a strategy of imposing tariffs in response to those imposed on American exports, stating, 'Very simply, it’s if they charge us, we charge them.'
Details regarding the extent and timing of these new tariffs were not fully disclosed. It remains uncertain whether these tariffs will be in addition to the existing levies on exports from countries like China. Last week, Trump imposed a 10% tariff on all Chinese goods imported to the US, on top of the existing tariffs.
While the US has shifted away from being a manufacturing-focused economy, it still has a significant demand for steel, consuming tens of millions of tons annually. Notably, in 2018, Trump's administration had previously imposed 25% tariffs on steel and 10% tariffs on aluminum, which were later lifted for Mexico and Canada.
It is anticipated that further details on the new tariffs will be provided in the coming days, with a potential news conference scheduled for Tuesday or Wednesday.
