President Donald Trump announced on Sunday that the United States will impose 25% tariffs on all steel and aluminum imports, including those from Canada and Mexico. He also mentioned the possibility of additional import duties later in the week. Trump stated that any steel and aluminum entering the U.S. will be subject to the trade penalties, emphasizing a 25% tariff on steel and aluminum imports.
In addition to these tariffs, Trump indicated that reciprocal tariffs would be announced in the coming days. Reciprocal tariffs would involve imposing import duties on products from countries that have levied duties on U.S. goods. Trump emphasized the need for fair trade practices, stating that if other countries are charging high tariffs on U.S. goods, the U.S. will respond in kind.
These recent tariff announcements mark a shift in Trump's trade policy compared to his previous term in office, where he focused on tax cuts and deregulation. The threat of tariffs has caused concern in financial markets, leading to stock price declines and worries about inflation among Americans. Trump's decision to delay tariffs on certain imports, such as small packages from fast-fashion firms, reflects ongoing adjustments in trade policy implementation.
