US President Donald Trump told reporters yesterday while on his way to the NFL Super Bowl that he will impose new 25% tariffs on all steel and aluminium US imports on 10th February.
The new metals tariffs are in addition to existing metals duties, which marks another escalation in the President's trade policy overhaul.
Furthermore, Trump added that he will also announce reciprocal tariffs by mid-week. These tariffs will apply to all countries and match the tariff rates levied by each. The reciprocal tariffs will likely take effect immediately.
"And very simply, if they charge us, we charge them," Trump said regarding the reciprocal tariff plan.
Meanwhile, countries like Canada, Brazil, and Mexico—the largest sources of US steel imports—are set to face the highest impact of the new metals tariffs. Countries like Korea and Vietnam will also be affected by the new regulations. Note that Canada is also the top supplier of primary aluminium to the US. Over 70% of total aluminium imports into the US were supplied by Canada in 2024.
"Canadian steel and aluminium support key industries in the US from defence, shipbuilding, and auto," Canadian Innovation Minister Francois-Philippe Champagne posted on X. "We will continue to stand up for Canada, our workers, and our industries."
While Trump noted that the government would let Japan's Nippon Steel invest in US Steel, it won't allow it to become a majority stake. "Tariffs are going to make it very successful again, and I think it has good management," Trump said of US Steel.
During his first term, Trump imposed 25% tariffs on steel and 10% on aluminium. However, he later granted duty-free exemptions to several nations, including Canada, Mexico, and Brazil.
Trump Notified the Treasury To Stop Minting New Coins
Trump also highlighted yesterday that he had directed Treasury Secretary Scott Bessent to pause the production of pennies, given the high cost of producing a one-cent coin.
"For far too long, the United States has minted pennies, which literally cost us more than 2 cents. This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies. Let's rip the waste out of our great nation's budget, even if it's a penny at a time," Trump said in a Truth Social post.
Last month, Elon Musk's Department of Government Efficiency posted on X, formerly Twitter, about the high costs of producing coins. "The penny costs over 3 cents to make and cost US taxpayers over £144.23 ($179 million) in FY2023."
The post also highlighted that the US Mint produced over 4.5 billion pennies in FY2023, almost 40% of the 11.4 billion coins for circulation.
In FY2024, the US Mint noted in its annual report that the US penny costs about 3.7 cents to produce and distribute, which is 20% more than the preceding year. The higher cost of producing pennies could be attributed to the rising cost of metals, including zinc and copper.
