Trump Slaps Tariffs on All Steel and Aluminum Imports | OilPrice.com
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Breaking News:
On Sunday evening, President Donald Trump announced he would impose 25% import tariffs on all steel and aluminum that come into the United States, including those from Canada and Mexico.
The official announcement is due later today, Reuters reported, as it cited the U.S. president as saying he would also announce retaliatory tariffs for countries that tax the entry of U.S. goods into their territory later in the week.
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“And very simply, it’s, if they charge us, we charge them,” Trump said.
Canada is the biggest exporter of steel to the United States, with Brazil and Mexico also in the top three. South Korea is another major steel supplier to the U.S. as is the European Union. Canada is also the biggest supplier of aluminum to the United States.
“Quebec exports 2.9 million tons of aluminum to (the U.S.), that is, 60% of their needs. Do they prefer to get supplies from China?” the premier of the province wrote on X in response to Trump’s latest curve ball.
Ontario’s premier Doug Ford, for his part, slammed Trump for “shifting goalposts and constant chaos, putting our economy at risk,” as quoted by the BBC. Ontario is the biggest exporter of steel to the U.S. in Canada.
The new tariff announcement follows a 30-day pause in blanket tariffs on Mexican and Canadian goods coming into the U.S. that Trump threatened in the first days of his presidency. The threat proved effective in motivating the Canadian and Mexican governments to pledge more investments in border control and Trump paused the entry into effect of the additional levies by 30 days.
Tariffs on Chinese imports, however, were not paused and went into effect as planned—and so did Chinese retaliatory tariffs on U.S. imports including crude oil and liquefied natural gas. These came into effect as of today.
By Irina Slav for Oilprice.com
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