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President Donald Trump said on Sunday (Feb 9) that the United States will impose a 25-percent tariff on steel and aluminum imports on Monday. The move becomes the latest major escalation of his trade policy overhaul. “Any steel coming into the United States is going to have a 25% tariff,” Trump told reporters on Air Force One.
The US president said that the same tariff would be applied to aluminium as well. On being asked by a reporter whether it would also be subject to tariffs, Trump added, “Aluminum, too.”.
Trump was speaking to reporters on Air Force One when he was on his way to the NFL Super Bowl in New Orleans. He also said he will announce reciprocal tariffs on Tuesday or Wednesday. The tariffs to take effect almost immediately.
“I don’t want US Steel being owned by a foreign country… They can have… No, they’re not… They don’t have a control, they have an investment. All they’re going to have is an investment,” he said.
“US Steel for 15 years with the greatest company in the world, the greatest number one company in the world. And I’m not going to let another country buy it. We had a great meeting on that. But they are allowed to invest in it, and that’s different,” he added.
The US president also said that the US would match tariff rates levied by other countries and that this would apply to all countries.
“And very simply, it’s, if they charge us, we charge them,” Trump said.
The nations have varying import policies, which can be further complicated by their obligation to adhere to other economic agreements, like the European Union, making the actual impact of reciprocal tariffs unclear.
However, the tariffs may eventually have an impact on important trading partners, including China, the European Union, Japan, Canada, and Mexico.
Notably, during his first term, Trump imposed tariffs of 25% on steel and 10% on aluminum, but later granted several trading partners duty-free quotas, including Canada, Mexico and Brazil.
America imports the most steel from Canada, Brazil and Mexico, followed by South Korea and Vietnam, according to data from the American Iron and Steel Institute and the government.
‘Tariffs are going to help’
With 79% of all imports in the first 11 months of 2024 coming from Canada, the country is by far the biggest supplier of basic aluminium metal to the US. Meanwhile, Mexico is a significant source of aluminium alloy and scrap.
“Nobody can have a majority stake for U.S. Steel. They can for other companies, but not for U.S. steel. I think you agree with that. U.S. Steel was one of our great companies,” Trump said.
He added, “And through a lot of stupidity and bad government and also bad management of the company, it lost that luster, but it’s going to gain it back. And tariffs are going to help. Tariffs are going to make it very successful again.”
(With inputs from agencies)Â
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